Principles of Microeconomics CLEP Test Study Guide
CLEP History and Social Sciences Tests offer you a broad variety of subjects to CLEP out of in order to get Social Science credits. You can study human interactions and developments with the Human Growth and Development CLEP, Introductory Psychology CLEP or the Introductory Sociology CLEP. These CLEP Tests cover information on the brain, the way we grow and why we do things. Some of the other CLEP tests in this category may need more study as they cover hundreds of years of policy, government and history. Take the time now to decide which area you most want to CLEP out of.

CLEP: CLEP History and Social Sciences Study Guides: Principles of Microeconomics CLEP

Principles of Microeconomics CLEP Test Description
The Principles of Microeconomics CLEP test covers the information that is taught in one semester introductory course at the college level in microeconomics. It covers the information about economics on a smaller scale, i.e., the consumer scale.

You will be tested on measurement concepts supply, demand, price elasticity, utility, price and quantity controls, equity, regulation and monopolies. You need to understand the purchasing decisions for firms and individuals.

It is important to understand that you do not have to answer each and every question correct to get a passing score. You need to get 50 of 100 correct (in most cases) to pass. The people the write the CLEP tests want you to know about half of the information to get a passing score.

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Credits: 3

# of Questions: 80

Amount of time to complete the test: 90 minutes

Rank of Difficulty: 4

Detailed information in this guide includes:

• Basic Economic Concepts
• Scarcity the Nature of Economic Systems
• Opportunity Costs and Productive Possibilities
• Comparative Advantage
• Supply and Demand
• Demand, Supply and Price Determination
• Consumer Demand
• Diminishing Marginal Benefit
• Consumer's Surplus
• Shift in Demand Curve
• Elasticity of Demand
• Firm's Production Cost and Revenue
• Revenue
• Long run costs and economies of scale
• Long Period Total Cost Curves
• Economies of scale
• Profit Maximization
• Perfect Competition
• Monopolistic Competition
• Monopoly
• Efficiency
• Factor Market
• Derived Demand
• Determination of Wages and Other Factors of Production
• Distribution of Income
• Market Failures and the Role of Government
• Externalities, Public Good and Information Economics
• Externalities: a.k.a. spillover or Third Party effect
• Public Good
• Sample Test Questions

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