CLEP Microeconomics

[snazzlefrag]

Hi All,

I just got back from taking CLEP Microeconomics. I didn't enjoy this one AT ALL! I passed with plenty of room to spare, and I got an 'A'. But only by the skin of my teeth. The minimum score for an 'A' is 60, and I got.....a 60.

My GPA is in tact! Thank God!

I took macroeconomics last week and passed with a 67, but I didn't enjoy that one either. Economics is just one of those subjects that doesn't come easily to me. I really struggled to grasp the concepts. I got an 'A' in both, but boy did I have to work hard to get them.

Now that I have taken them both, I would say that Micro requires a deeper knowledge than Macro. There were a lot more "what if" type questions on the Micro exam, and more graph questions too.

The questions require you to not just know what a concept or term IS, but how it applies in different circumstances.

I obviously knew enough to pass, and even to get an 'A'. But there were still a bunch of questions that went WAY above my head.
hilarious

For study resources, I used the following:

Instantcert
(in MY case, it wouldn't have been enough on it's own)

"Economics: A Self-teaching Guide" by Steve Slavin.
(An excellent primer for both macro and micro. However, it is very light on graphs. See Below)

http://highered.mcgraw-hill.com/sites/00...ent_view0/
(This is a companion site to another of Steve Slavin's economics textbooks. This web site was A LIFE SAVER on this exam. It is a series of slides that contain all the 'graph' information that is missing from the book I mentioned above. It explains things in a very understandable way. I spent a long time studying all the different types of graphs, and I can honestly say it paid off during the exam. Thank you Mr. Slavin...you helped me get an 'A'.)


Additional Resources (as needed):

http://ingrimayne.com/econ/TOC.html

http://www.socialstudieshelp.com/sitemap3.html

http://www.learner.org/resources/series7...42&pid=338

http://www.sparknotes.com/economics/

http://www.cr1.dircon.co.uk/TB/contents.htm


Things to Know (based on MY version of the exam only):

Allocative, Economic, and Productive Efficiency
Comparative v Absolute Advantage
Scarcity
Antritrust
Opportunity Cost
Production Possibilities Curve
Supply & Demand
Elasticity/Inelasticity
Price Elasticity of Demand
Price Elasticity of Supply
Cross-price Elasticity of Demand
Marginal vs. Total Utility
Consumer Surplus
Producer Surplus
Compliment vs. Substitute Goods
Inferior vs. Normal Goods
Fixed Costs vs. Variable Costs
Average Fixed Costs/Average Variable Costs
Marginal Cost/Average Total Cost
Marginal Revenue/Average Revenue
Marginal Revenue Product of Labor
Short-run (Operate vs. Shutdown)
Long-run (Stay in business vs. Go out of business)
Shutdown Point
Breakeven Point
Profit Maximization
Perfect Competition (characteristics and graphs)
Monopolistic Competition (characteristics and graphs)
Oligopoly (characteristics and graphs)
Cartel (characteristics and graphs)
Monopoly (characteristics and graphs)
Concentration Ratio (Herfindahl)
Diseconomies of Scale (decreasing return to scale)
Economies of Scale (increasing return to scale)
Labor Supply & Demand

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Again, a lot of the exam involves APPLYING what you know about all of the above, to various scenarios and graphs. But if you know these concepts very well, it should be enough to pass.

Best of luck,
Snazzlefrag