Microeconomics... back to testing

[burbuja0512]

How did you study for it? Im getting ready for this exam as well; i never took a class in economics (Micro & Macro) and so im using IC to study with along with an economics textbook. I also have got a REA micro economic book too, but I mostly use IC. Was the test hard and did you have to do a lot of math (what was the test like)?? Im sorta nervous bcause this will be my first attempt at clepping out of a course.

Thanks for any suggestions you can give

I didn't think micro was hard but keep in mind that I had studied for macro, failed, took SL macro and passed with an A. I then studied more than I probably had to for micro, just because I did not want to fail it.

So, what I would recommend it combining the IC cards with specific forum feedback. You really need to know your graphs for micro. I had a really hard time learning the graphs from just IC alone, but youtube was a lifesaver! I posted my feedback in the specific area, but if I remember correctly, there is a professor on youtube under the name kylepurpura that had some sweet videos. Check out his station and of course any other lectures that you can find if there's a topic that you can't self teach from IC + Wikipedia and other sources.

I had a hard time remember the graphs for elastic versus inelastic and then came up with an easy way to remember. The inelastic graph is a straight vertical line, which LOOKS like the letter I, so when you see the graph that looks like an I, it's inelastic. On the same note, the horizontal line looks like the lines in the letter E. So when you see the horizontal line, picture the lines of the capital letter E and there you go.. an elastic graph. Not sure if this makes any sense, but once I thought of it, I didn't have to study elastic/inelastic graphs any more!

[MA2]

Thanks for the tips... I was going to CLEP micro and macro, now I'm going to take micro in class to meet my residency requirement... but I can still test out of macro.

[ryoder]

Also use sparknotes for micro/macro. They are concise and great.
REA books are excellent as well.
Those were my first two CLEP tests and I studied my but off for two weeks on both and tested out of both on the same day. It was very fun but I love economics.

She is right about the I. But make sure you understand the graphs totally. When people say that the demand curve shifts to the right or the supply curve shifts to the left you should really know what the heck that means.
If we had time to talk over a beer and a white board I think I could explain it to you but I cant stress enough knowing the graphs.

Also know how to determine what type of company you are looking at based on a supply and demand curve and if the govt is putting in an artificial price ceiling or floor (eg: minimum wage).

Know how to spot perfect competition, monopolistic competition and a monopoly from a graph. Once you know the graphs the test is so doable.

Definitely do macro first.