Principles of Microeconomics CLEP Exam Free Study Guide

The Principles of Microeconomics CLEP exam is one of the more practical CLEP exams there are, and it is very passable. With the study resources and schedule we share here, you will have these college credits in no time. Not only that, but when you study for it, you will learn about issues and ideas that impact your daily life. You may not be studying to be an economist, but studying for this CLEP exam makes us all part-time economists while we are studying it. 


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The Questions You Are Asking

HOW HARD IS THE PRINCIPLES OF MiCROECONOMICS CLEP EXAM?

It is of above average difficulty. On InstanCert's website, 92% of reporting users passed the test, other test-takers rank it as a 4 out of 5 for difficulty, and I got a good score on that CLEP myself after studying for twelve days.

The Principles of Microeconomics CLEP exam will challenge you, but it is very passable. I think most students will find that they feel like they know nothing at first, but once they understand the basic principles, terms, and ideas--the gate-keeping hurdles--they will be able to accelerate their studying and pass with no problem. 

ARE THERE PRACTICE TESTS? 

Yes, there are. Peterson's offers the best practice tests we know of. And REA has dependable practice tests you can use too. 

WILL THIS EXAM FIT INTO MY DEGREE PLAN?

Very possibly, but it depends on your college. Our MyCollege Online Workshop will train you in how to know which exams you can use.

WHAT ARE THE EASIEST STUDY RESOURCES TO USE FOR THE PRINCIPLES OF MiCROECONOMICS CLEP EXAM?

  • We recommend College Board's study guide because they will show you exactly what the test is about ($10). 
  • Peterson's practice tests will help you to assess your readiness to take the test and show you specific subject areas you need to study more ($19.95).
  • The REA Principles of Microeconomics book and practice tests will give you a broad overview of the subject and more opportunities to assess your knowledge of specific subject areas ($34.95).
  • We recommend SpeedyPrep's flashcards to you because they 100% guarantee that you will pass your CLEP test, and they are very easy to use ($19.95/month). SpeedyPrep also includes comprehensive video lectures on most of the topics their flashcards cover. Plus, we have a $10 off discount code for your first month: MYCOLLEGE.

Total Cost: $74.85

HOW CAN I SAVE MONEY ON STUDY RESOURCES FOR MY CLEP EXAM?

 If you are on a tight budget, we recommend three study resources: College Board's free informationSpeedyPrep with a MYCOLLEGE discount code, and Google. College Board will give you general information about the test, SpeedyPrep will guarantee that you pass, and Google will help you to research things you need to learn more about. 

Total Cost: $ 9.95


My Experience with the Principles of Microeconomics CLEP

I had taken a high school economics course the year before, so I thought I was prepared to take an economics CLEP exam right away. But I was wrong. I tried my hand at the practice test for the Principles of Macroeconomics CLEP exam, but found it very difficult as well. So, I decided to try Microeconomics first. 

On my first Peterson's CLEP practice score, I got a 45/80--not enough to pass the actual CLEP--so I began using flashcards, Google, and the REA book to study. After a week or so, I scored 58/80 on my next practice test. With a little more study, I felt ready to go and took the CLEP exam itself twelve days after I had begun studying. 

I passed with a 68.

Seven days after that, I passed the Principles of Macroeconomics CLEP exam with a 65. 

THINGS I LEARNED

  1. I learned that it is good to study for the Macroeconomics and Microeconomics CLEP exams together. They share many ideas and principles, so studying for them simultaneously will decrease the time you have to spend studying due to forgotten information. 
  2. I learned that you can study for them in either order, but I suggest you study for and take the Macroeconomics CLEP first. Macroeconomics has bigger picture questions, and most agree that it is the easier of the two CLEP exams. Once you have passed it, studying for and passing the Microeconomics CLEP exam will be extremely easy. 
  3. I learned that my faithful study strategy--Peterson's practice tests, flashcards, REA, and Google--still worked for a test that I knew only a little about. The practice schedule I had created helped me to be successful. 

YOU WILL HEAR ALL ABOUT THE BEST CLEP STUDY RESOURCES AND WAYS TO SAVE MONEY ON COLLEGE. YOU WILL NOT BE SORRY. WE PROMISE.


Principles of Microeconomics CLEP Exam Details 

The Principles of Microeconomics CLEP exam takes the focus of the Macroeconomics CLEP exam and compresses it. This CLEP exam takes a closer look at how businesses and consumers interact with economic principles, rather than at how countries interact with them. The material covered here is what you would find in an introductory college course of the same topic and ranges from analyzing economic models to evaluating economic graphs and from studying market equilibrium to topics as diverse as marginal analysis and game theory and strategic behavior. Studying for this CLEP exam is not only going to test you, but it is also going to teach you. Once you have taken this test, you will never be able to look at the economic world around you the same.

Length: 80 questions

Time90 minutes

ACE Recommended Score: 50

ACE Recommended Credit: 3

 

(Move your mouse over the charts below to see what is required for the exam.)

PRINCIPLES OF MICROECONOMICS CLEP SKILLS

PRINCIPLES OF MICROECONOMICS CLEP SUBJECT MATTER

(Go to College Board's website for more detail.)


College Acceptance Examples

  • Thomas Edison State University requires a score of 50 and accepts it as ECO 112, a 3 credit class.
  • Liberty University requires a score of 50 and accepts it as ECON 213, a 3 credit class. 
  • University of Phoenix requires a score of 50 and accepts it for 3 credits

Other Top Study Resources You Can Use

  • DegreeForum - Free - This is the best discussion board out there for MyCollege students. The board members give helpful advice on planning one's degree and passing specific CLEP and DSST exams.
  • InstantCert - $20/month - When you sign up for InstantCert using our discount code 48990, you save money and get access to flashcards for 55 CLEP and DSST exams as well as locked portions of the DegreeForum message boards. 
  • Cliff's Notes: Economics - free - The Cliff's Notes website includes a broad overview of economics in general. While not focused directly on the CLEP test, it is inexpensive and very thorough. We recommend reading through the materials on economics, but you can also look up specific topics that you are curious about there. 
  • Textbooks - varies - College Board recommends and so do we that you study with the textbooks you will find on their website. The CLEP tests are often written with certain textbooks in mind or by professors who have written some of the suggested textbooks.
  • Free-CLEP-Prep - $15.99 and Free - Free-CLEP-Prep is run by Justin Orgeron and contains helpful study guides for MyCollege students. Justin's study resources include personal advice about the test, links to important topics in the test, a free practice test, and sometimes a study package sold for $15.99 that includes two more practice tests and a well-researched prep sheet that covers "every topic that our visitors had told us that they had a question about."

Overlap with Other CLEP and DSST Exams

The Principles of Microeconomics CLEP shares overlap with three other tests:

  1. Social Sciences and History CLEP is 10% about economics and could cover anything from the Principles of Microeconomics CLEP exam. 
  2. Money and Banking DSST contains 40% material that matches 45% of the Principles of Microeconomics CLEP exam.
  3. The Principles of Macroeconomics CLEP contains approximately 50% material that matches approximately 38% of the Principles of Microeconomics CLEP exam.

If you need to pass the Principles of Microeconomics CLEP exam and any of these other tests, we recommend you take them in this order (barring tests you do not wish to take):

  1. Principles of Microeconomics CLEP
  2. Principles of Macroeconomics CLEP
  3. Money and Banking DSST
  4. Social Sciences and History CLEP

We recommend that students take the most specific tests first because that will ensure excellence on a portion of future broader tests and because much information will not apply when transitioning from a broad to a specific exam. In this case, we believe, too, that the Microeconomics CLEP will provide a grounding in economic principles that students can carry over to their studies of macroeconomics, which will directly translate to the Money and Banking DSST, leaving them prepared for a small portion of the Social Sciences and History CLEP.


The MyCollege Study Plan

  1. Begin by taking the first Peterson's practice test and studying the answers. If you score 80%, skip to step 5. If 70%, skip to step 4.
  2. Read the REA study book and other textbooks you are using. 
  3. Take your second Peterson's practice test, studying the answers. If 80%, skip to step 5.
  4. Use SpeedyPrep flashcards.
  5. Take your third Peterson's practice test, studying the answers. If you score less than 80%, return to step 4.
  6. Take your test.

*We cannot guarantee that you will pass if you follow this study guide, but it will increase your chances greatly and help you to thoroughly learn the material. If you want a guarantee of passing, SpeedyPrep's flashcards and video lectures can help you.


How Do I Take It in High School?

If you attempt to take the Principles of Microeconomics CLEP exam in high school, you will likely be able to pair it with a twelfth grade economics class that most students take. However, while this economics class may give you a brief overview of economics, you will find that your knowledge will not be enough to pass this test, even though high school classes are usually focused on microeconomics.

In deciding how to plan for this test in high school, you will likely want to take that high school level class. You can then simultaneously study for the CLEP exam, or you can wait until after you pass that class to then study for and take the CLEP exam. 

If you choose the former, you likely will find that your high school grades improving dramatically, and you will be prepared to take the CLEP exam when you are ready to take your final exam for your high school course. We even suggest (if your teacher will let you) that you take this CLEP as a final exam for that high school class. After all, if you can pass a college level exam, you can pass a high school one, right?

If you choose the latter, we suggest you take a Peterson's practice test right away and then begin using the study schedule we mention above.


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Conclusion

The Principles of Microeconomics CLEP exam is a common test for students, but it is also one of the more difficult CLEP exams you will find out there. That being said, it is very possible to pass. With the study resources and schedule we mention above, you will find studying to be easier than you expected, and you will find yourself much readier to pass the test than you were otherwise.