CLEP* STUDY GUIDE

Principles of Microeconomics

The only study guide that teaches you what you need to know to pass the Principles of Microeconomics exam (with no prior knowledge needed), and is constantly updated based on student feedback to guarantee you the best possible results.

About the CLEP* Exam

The Principles of Microeconomics CLEP exam is designed to test the student on material that is covered in a typical first-year undergraduate Microeconomics course. Just like our course for Macroeconomics, our course on Microeconomics makes a potentially difficult subject easy, using lots of graphs to help you to visualize relationships between economic variables and gain a deeper understanding of economic principles and theory.

Topics Covered in this Course

Basic Economic Concepts

Scarcity, choice, and opportunity costs
Production possibilities curve
Comparative advantage, specialization, and trade
Marginal analysis

The Nature and Functions of Product Markets

Supply and demand
Theory of consumer choice
Production and costs
Firm behavior and market structure

Factor Markets

Marginal revenue product
Labor market and firms’ hiring of labor
Market distribution of income

Market Failure and the Role of Government

Externalities
Public goods
Public policy to promote competition
Income distribution

Customer Test Results for this Exam

578 users submitted test results since January, 2006.
530 of those users reported a passing score (92%).

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