- Course type: Self-paced
- Available Lessons: 91
- Average Lesson Length: 8 min
Eligible for Certificate: Yes
Certificates show that you have completed the course. They do not provide credit.
Watch a preview:chapter 1 / lesson 1What Is Microeconomics? - Definition & Topics
Course SummaryThis study guide helps you review basic concepts of microeconomics in preparation for the College-Level Examination Program (CLEP) Principles of Microeconomics exam. Through a series of bite-sized lessons, you'll study the economic systems, markets and theories that you need to know when you take the exam.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
About This Course
Use this course to refresh your memory or learn new facts about all of the information you need to be familiar with when taking the CLEP Principles of Microeconomics exam. You can earn 3 transferable college credits when you successfully complete this exam.
The short lessons in this course take just 5-10 minutes to review and cover all the basics of microeconomics. You'll find lessons devoted to economic structures, supply and demand, price elasticity, consumer choice, production runs and public goods. The lessons contain key term definitions and detailed examples to ensure your full understanding and retention of this material. Video lessons are accessible 24/7 from any device, making it simple and convenient to study at your own pace and wherever and whenever is best for your schedule.
Check out our CLEP Preparation resources! We've got CLEP courses to teach you the material, comprehensive CLEP study guides to help you study, CLEP practice tests to test your knowledge, and CLEP informational articles to get you up to speed on testing logistics.
Syllabus & Course Information
This course is designed to ensure that you master the following objectives as you prepare to take the CLEP Principles of Microeconomics exam. You can make sure you've understood all of this material by taking the final CLEP Principles of Microeconomics practice test.
- Describe fundamental economic theories, models and concepts like economic scarcity and resource allocation
- Understand how price elasticity and income elasticity impact demand, and survey the forms of government intervention used to influence supply
- Recognize the significance of consumer choice in economics, and examine theories explaining consumer preference and decision making
- Assess the impact of budget lines, normal and superior goods, the rate of transformation, and other factors on supply and demand
- Consider how an assessment of fixed, variable, and total costs is used to make short-run production decisions; differentiate these costs from those associated with long-run production
- Differentiate between economic and accounting costs and understand how implicit, explicit, opportunity and sunk costs tie into cost-benefit analysis and decision making
- Identify conditions for perfect market competition, as well as the conditions of monopolies and oligopolies; discover how these market structures affect producers and consumers, and pinpoint the characteristics of a command system
- Understand how game theory and the Nash equilibrium relate to economics
- Discuss the roles of producers and consumers in marketplaces designed to exchange labor, capital, and natural resources; understand the methods for measuring the labor market
- Examine barriers to trade and consider their impact on demand
- Describe U.S. tax structure, investigate the effects of value-added, progressive, and flat tax types. Study rulings on key anti-trust legislation and assess the effect of anti-trust legislation, government deregulation and regulation on the economy
There are no prerequisites for this course.
This course contains 10 individual chapters containing a total of 86 lessons. These lessons are presented in text and video formats and offer self-assessment quizzes that help you determine how much you have learned. Chapter exams and a final exam are available to help you measure your knowledge and readiness to take the CLEP Principles of Microeconomics exam.
CLEP Principles of Microeconomics Exam Information
This exam addresses many of the topics you would study in a standard economics course. You can apply the credits earned with this exam toward an undergraduate degree at one of the 2,900 colleges and universities that accept CLEP credits.
- Number of Questions: 80 questions
- Question Type: Mostly multiple-choice
- Time Limit: 90 minutes
- Number of Credits: 3 credits
- Exam Cost: $85
CLEP Principles of Microeconomics Exam Breakdown
|CLEP Exam Concept||Percent of the CLEP Exam||Approximate Number of Questions||Chapter Lessons|
|Basic Economic Concepts||8-14%||6-11 questions||14|
|The Nature and Functions of Product Markets||55-70%||44-56 questions||52 47|
|Factor Markets||8-14%||6-11 questions||10|
|Market Failure and the Role of Government||10-16%||8-12 questions||10|
Earn College Credit
You can earn three transferable college credits toward your degree by taking the CLEP Principles of Microeconomics exam. You can save on tuition costs and even earn your degree in a shorter period of time. This study guide is designed to be a quick-review tool that will help you prepare for this exam quickly and easily.
Study Schedule for the CLEP Principles of Microeconomics Exam
This course consists of approximately 11 hours of instruction. Study is self-paced, with convenient 24/7 accessibility to all lessons. Use the time table below to determine how much study time you will need to fully prepare for this exam.
|Study Frequency||When You'll Be Ready for the Exam|
|3 hours a day; 3 days a week||Just over 1 week|
|2 hours a day; 3 day a week||Almost 2 weeks|
|1 hour a day; 3 days a week||3 and a half weeks|
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