Nervous about macro- and microeconomics CLEPs

[commdiver]

I will be taking both, with a few days of each other, shortly after June 20. I took AP Microeconomics in high school, but got a "C" and a "2" on the AP exam. In my defense, the teacher had no clue what he was doing (he was not allowed to teach the class again the year after), and the only students who understood anything were the 4.0 GPA types.

I have the following on my agenda:

The Complete Idiot's Guide to Economics
The Power of Economics PowerPoint slides
The Standard Deviants DVDs for both subjects
5 Steps to a 5 AP Microeconomics and Macroeconomics
InstantCert
Peterson's practice CLEPs


It seems like a lot to me, but after my bad experience in high school, I am worried. I go to a four-year college which requires at least a 60 to receive credit (no difference is made between a "60" and anything above it). Worst case scenario, I fail both CLEPs and have to take the classes during the summer, but I still want to do well and avoid those summer classes. Is the studying material enough? Are my planned six weeks of studying time enough?

I am reading the The Complete Idiot's Guide to Economics right now and actually find it interesting, so maybe that is a good sign.

[Mian]

Well, if you're not able to do well on the Peterson's practice tests then I would suggest using a textbook. You can buy them fairly cheap if you look around online. I used Economics for Today's World (Irvin Tucker). I had taken Macro as a class at a community college then studied the rest of the book for the Micro clep. It's not an easy subject so you should study well for these.

[laoshijeff]

What helped me the most was writing out the relationships over and over again. For example, an increase in the money supply does this to this. I would keep them at my desk and read them over and over again.

I then wrote them as fill in the blank questions and would visualize the graphs and explain what was happening. If you can explain what's happening on graphs and how everything affects one another, you'll do fine.

For reference, AP Microeconomics was the only AP exam I failed (2 as well). So, I'm not an economics genius by any means. However, with the system I described, I was able to get a 67 on Macro (wayyyy above what I thought I would get!)

[commdiver]

For reference, AP Microeconomics was the only AP exam I failed (2 as well). So, I'm not an economics genius by any means. However, with the system I described, I was able to get a 67 on Macro (wayyyy above what I thought I would get!)

Are you planning on taking the Microeconomics CLEP?

[jm82792]

REA will cover most of it(typically REA is on the money), Instacert will patch it up.
Macro seems harder(I scored 49 the first time!, but my first CLEP was micro with a score of 58!) then micro in my experience.
Know how to use the graphs!
They ask you a lot about them,
I scored decently with micro but macro used even more graphs. I failed macro, then retook it and passed with decent score.

[ryoder]

Macro was my first clep test ever and I used the REA book for it and passed with a 72. It is very important to understand how to read an aggregate supply and gag demand curve. You have to understand what forces can push the curve to the left or right in both cases and why the intersection point is important. Also know how to calculate CPI and that minimum wage laws and unions create unemployment just like price floors on produce create a surplus of expensive products that the market does not pick up.
Really know what marginal utility is, nominal versus real GDP, the role of the federal reserve, what happens to the dollar when the fed lowers the reserve rate or buys govt bonds.

[LaceyLady]

I agree with the previous replies. I made sure to study and understand the graphs well. During the exam, when questions asked about the relationship of something to something else (ex. an increase in interest rates does what to the money supply?), I would draw the graph on scratch paper and see what direction each would go. I found it easier when I drew the graphs, but even if you don't draw them, be sure to understand the relationships between factors and what causes the curve to move in certain directions.

I think your studying material and time should be enough.

As far as which exam is easier, it depends on the person. Some people say Microeconomics is easier, others say Macroeconomics is easier. I found Macroeconomics easier than Micro, but they were similar in difficulty, and I enjoyed both.

[MISin08]

The Economics CLEPs were the beginning of my practice of always starting with a plain-language introduction to the topic. Idiot's is good but for plain speaking it's hard to beat “An Introduction to Economics in 5,000 Words and a Bit” hosted here. I still pull it out when I need a reminder. Look for the area of the page with 5 free economics articles.

Phillip

[commdiver]

Thank you for all of the replies. Do you think I should get the REA books or are the books I have enough?

I just finished The Complete Idiot's Guide to Economics and understood it, so that is good news. I am starting on the PowerPoint slides tomorrow.

[Rhashad]

unless your looking for a finance degree, straighterline is the way to go with these subjects. imo.