CLEP Microeconomics

[yutzyj]

I took everyone's advice; I took macro before micro. I scored a 72 on the macro clep today, so thanks for the advice. I used IC and Princeton Review Cracking the AP micro/macro book for clarification.

Great Job! now don't you wonder what all the fuss was about now that's it's over. after my test was over, i kept wondering what i thought was so hard to understand.hilarious

[swthing64]

I am taking the Micro CLEP tomorrow and have been studying now for about 3.5 weeks. See my previous post from a few days ago titled something like Micro CLEP - study questions.

While I think IC is a nice tool to use, I think had I not studied a micro textbook beforehand, I may have not understood the depth of some of the graphs and concepts.

When is your test?

[Kiwi Lover]

I took everyone's advice; I took macro before micro. I scored a 72 on the macro clep today, so thanks for the advice. I used IC and Princeton Review Cracking the AP micro/macro book for clarification.

Upgray,

First of all, CONGRATS on your score of 72 on the Macroeconomics test! That's awesome! :o

I am studying for that one right now and am planning to take it on June 2nd. I was just wondering if you can give me any tips about areas that were covered on the test more than others. Or any advice about specific parts of macro to really study up on.

Before I took the Principles of Finance exam, I had found it really helpful to read what others had posted about what areas to make sure you know before you take the test, but I haven't seen anyone do that yet for the economics tests.

Anything you could share would be really appreciated!

Thanks! hilarious

[snazzlefrag]

I am taking the Micro CLEP tomorrow and have been studying now for about 3.5 weeks. See my previous post from a few days ago titled something like Micro CLEP - study questions.

While I think IC is a nice tool to use, I think had I not studied a micro textbook beforehand, I may have not understood the depth of some of the graphs and concepts.

When is your test?

Good luck on your exam tomorrow swthing.

Do well,
Snazzlefrag

[swthing64]

Thank you! I have been studying IC along with my notes pretty diligently so I believe I'm as ready as I'll ever be. By the way, I am averaging 86% on the six portions of the Micro IC. I will be SO happy to put this Micro stuff behind me but...then there's Macro on June 16 so after a weekend of relaxing and NO studying, I will dig into the Macro before I know it.

[Kiwi Lover]

THANKS Upgray! I appreciate your feedback! I'll let y'all know how I do afterwards...

Have a great weekend everyone! hilarious

[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

---------------
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

[Librevore]

Congratulations Snazz! You did great!

The feedback, as always, is tremendous. This exam doesn't look like much fun but it is required for so many of us that your notes will be very helpful, I'm sure.

Librevore

[snazzlefrag]

Congratulations Snazz! You did great!

The feedback, as always, is tremendous. This exam doesn't look like much fun but it is required for so many of us that your notes will be very helpful, I'm sure.

Librevore

Thanks Librevore,

I am SO relieved to have both the economics exams over and done with. As you mentioned, they are a requirement for Business majors. I knew I would have to face them at some point, but I put them off as long as I could. I'm SUCH a wuss!
hilarious

Some general advice for anyone else who might be reading this...

If I had to do this all over again, I would take all my 'scary' exams as early on as possible in my degree plan. Once they are taken care of, they are no longer able to hang in the back of your mind...mocking you...taunting you...scaring you.

Of course, the definition of a 'scary' exam will be different for each of us. But, if the thought of taking a particular exam makes your toes curl, it's safe to say that, for you, it's a 'scary' exam. Tackle the scary ones early, and head-on! You'll feel much better once they are over.

You have nothing to fear but fear itself....and Statistics, College Algebra, Finance, Accounting, Macroeconomics, Microeconomics, Biology, Civil War & Constru.......

Ha ha!
hilarious

[ShotoJuku]

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!

Best of luck,
Snazzlefrag

[SIZE="3"][COLOR="Blue"]Congrats on "A" Great Score!!

I must admit that I too didn't find either Macro or Micro very enjoyable, but when you need the credits they can be obtained with a little extra effort. Congrats again!![/COLOR][/SIZE]