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Principles of Microeconomics
-CLEP* Test

Principles of Microeconomics CLEP Test Version 2

 Select your topic of choice: Number of questions:
 Basic Economic Concepts 35
 Consumer Demand and Elasticity 41
 Firm's Productions 36
 Market Failures and the Role of Government 33
 Profit Maximization, Pricing, Revenue, and Output 56
 Supply and Demand, and Basic Implementation of Policy 28

The CLEP Practice Tests above contain 229 multiple-choice practice test questions with study guides (detailed explanations).

The ACE (American Council on Education) recommends 3 lower level college credits for this exam.

Studying, and passing, the practice tests above will allow you to confidently take and pass your Principles of Microeconomics CLEP test. The overall key concepts, and specific individual points, that will allow you to pass your test are within the practice questions and detailed explanations.


Course Information and Overview

This exam covers material that is typically taught in a semester introductory-level college course. The multiple-choice DANTES/DSST exam consists of about 80 questions and allows 90 minutes to complete. 

Successfully passing this CLEP test requires knowledge and understanding of important economic concepts and terms, understanding and interpretation of economic graphs, evaluation and interpretation of economic data, and application of simple economic models.

The Principles of Microeconomics CLEP exam contains questions that come from the following topics:

  • Basic Economic Concepts (8-14%)
    Economic systems
    Analysis of margins
    Opportunity cost, scarcity and choice
    Comparative advantage
    Property rights and incentives
  • Supply and Demand (15-20%)
    Price elasticity
    Equilibrium of markets
    Supply and demand determinants
    Differentiation
    Consumer and supplier surplus
    Market efficiency
  • Theory of Consumer Choice (5-10%)
    Marginal utility
    Total utility
    Demand curves
    Substitution of products
    Price factors
  • Production and Costs (10-15%)
    Short and long run production and costs
    The law of diminishing returns
    Cost minimization
    Economies of scale
  • Firm Behavior and Market Structure (25-35%)
    Analyzing profits
    Profit maximization (MR=MC)
    Perfect competition
    Monopolies
    Price discrimination
    Cartels and collusion
    Product differentiation vs. substitution
    Capacity and efficiency
    Short and long run supply issues
    Market power
    Oligopoly
    Strategic behavior and game theory
  • Factor Markets (10-18%)
    Labor markets
    Distribution of income within markets
    Derived factor demand
  • Market Failure and the Role of Government (12-18%)
    Externalities, positive and negative, and remedies
    Public goods vs. private goods, provision of goods
    Competition promotion, antitrust policies and regulation
    Income distribution, equity, and income source inequality

Complete information and a fact sheet (PDF Format) of what is covered is available from The College Board.