Principles of Microeconomics
This course can be used as a study resource, for professional development, or to earn college credit by passing a CLEP™ exam (multiple-choice examination). Each college sets its own credit-granting policies for the exam, so check with your college admissions office, test center, or academic adviser before taking the test.
The Principles of Microeconomics course covers material that is usually taught in a one-semester undergraduate course in introductory microeconomics. Students will have to understand the economic principles that apply to the behaviors of consumers and businesses. The exam will propose a hypothetical as well as real-world situations to test the understanding and evaluation of economic decisions. A basic understanding of free markets, how they work, and use resources is required. The subject matter is broad-based but can be distilled to the study of behaviors of individuals and firms making decisions about the utilization of resources and the interactions between those individuals and firms.
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- Understanding of important economic terms and concepts
- Interpretation and manipulation of economic graphs
- Interpretation and evaluation of economic data
- Application of simple economic models
Principles of Microeconomics
Microeconomics (from Greek prefix mikro- meaning "small" + economics) is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.*
wikipedia.org/wiki/MicroeconomicsHundreds of Videos
The Principles of Microeconomics exam contains approximately 80 questions to be answered in 90 minutes. Some of these are pretest questions that will not be scored.
CLEP™ Score Information
Credit-Granting Score for Principles of Microeconomics
ACE Recommended Score*: 50
Semester Hours: 3
Each institution reserves the right to set its own credit-granting policy, which may differ from that of ACE. Contact your college as soon as possible to find out the score it requires to grant credit, the number of credit hours granted, and the course(s) that can be bypassed with a satisfactory score.
The American Council on Education’s College Credit Recommendation Service (ACE CREDIT) has evaluated CLEP processes and procedures for developing, administering, and scoring the exams. The score listed above is equivalent to a grade of C in the corresponding course. The American Council on Education, the major coordinating body for all the nation’s higher education institutions, seeks to provide leadership and a unifying voice on key higher education issues and to influence public policy through advocacy, research, and program initiatives. Visit the ACE CREDIT website for more information.*
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