01-09-2009, 02:50 PM
I have attached the feedback I provided for the CLEP Macroeconomics and Microeconomics exams which I took about twelve months ago. This feedback may also be found in the "Specific Exam Feedback" section of this forum. That section is now only available to InstantCert subscribers. If you are preparing to take CLEP, DSST, ECE or TECEP exams and are not a subscriber--you should be! In addition to instantly obtaining study materials for dozens of exams--you will also have access to valuable feedback from people like me who have recently taken the exams. Below is just a sample of what you will find once you have access to the "Specific Exam Feedback" section.
If you click on the links in my signature below, you will find my feedback for most of the exams I took to earn my B.S. in General Business from Excelsior College. Many of those links were connected to the "Specific Exam Feedback" section so I'm reposting some of that feedback so all of my links will function for everyone--even those who have not yet joined InstantCert. Check it out and if you would like to see more, sign up!
[SIZE="4"]Macroeconomics - December 2007[/SIZE]
I took the CLEP Macroeconomics exam this afternoon and passed with a 63. I prepared on and off for this exam over the course of several months--usually studying for a few hours and then abandoning it because I realized that it made more sense to take a different test next due to cross-over efficiencies, etc. I started in earnest a week and a half ago and put in an hour or two each day--mostly with IC but I also read through a Cliffs Economics book and a Pass Your Class guide.
As far as the subject material goes, it's not my thing. Some of it is intuitive--but most of it doesn't gel for me. I needed a lot of repetition to get some of this to sink in. This is the second CLEP I took solo (I went to the testing center and took only one test)--the first was Statistics. I'm finding these tests more difficult than all the computer and psych-type tests. It actually makes me question why I'm pursuing a business degree because I really don't dig this stuff at all.
Earlier this week I took the CLEP practice test and got 45/60. Not terrible--but some questions that I didn't know--I REALLY didn't know. I took my first Petersons the next day and got 49/80. I took the second today and got 60/80. I never got around to the third one.
I had a lot of trouble logging in at the testing center but once I got started everything was fine. I paced myself and finished with four minutes to spare. I went back and looked at all but a few I had marked for review--but only changed one answer.
I think it might be helpful to give anyone reading this post some perspective of my ability vs. my score if I describe the stuff I DIDN'T know come test time:
I could not complete with confidence any of the bank reserve problems. It's a simple enough formula and concept, but these problems didn't have any loan amounts and focused on the "extra reserves" which I just could not get my mind around--despite knowing the basic formula and using it successfully when practicing. The answers I was coming up with were so bad they weren't even options! Another thing I can't do is tell why most curves are shifting and what it means. I did know some basics--but it didn't help me much on the test. I also couldn't remember if you should increase or decrease gov't spending to combat inflation. Even still, due to lucky guessing and perhaps some good basic (as opposed to deep) knowledge, I scored a 63. Not great--but I passed with room to spare.
I usually make note of how many questions fell into various categories for me. I used four categories this time. Of the 80 questions on the test I felt certain of the answer to 33 (I think this was the first test where I wasn't certain of at least half), I narrowed 24 down to one of two answers, I narrowed 9 more down to three possible correct answers and there were 12 that were complete guesses. I really don't like the Windows 3.1-looking CLEP tests with their FIVE unnumbered choices and I'm really glad I only need one more CLEP to finish my degree requirements (the rest are DSST, ECE, etc.). I found that format particularly frustrating for this exam.
I was feeling great for the first 20 or so problems--but the middle 40 almost killed me. This was the first test where I thought there was a serious chance that I didn't pass.
I've attached some detailed feedback for anyone who may be interested.
[SIZE="4"]Microeconomics - January 2008[/SIZE]
I took the CLEP Principles of Microeconomics exam today and received a score of 67. InstantCert was my primary study tool. Once I felt that I knew that material pretty well, I tried the CLEP practice test and scored a 73. I added some of that material to my study notes and then took two Petersons examsâstudying a little more in between the first and second. I got 22/80 incorrect on the first exam and 23/80 incorrect on the second. Somewhat noteworthyâon the second exam I only got five of the first 40 incorrect. It went downhill from there.
I also used the Cliffâs Quick Review Economics book a little (very little) and solidified the comparative advantage computations with Wikipediaâalthough I ultimately did not need that for the exam. I also used the on-line Spark Notes a little (very little).
The only previous knowledge I had of Microeconomics was the overlap with Macroeconomicsâwhich I did not understand well. I studied for about three weeksâsome days for a couple of hours, some days not at all, and some days I just did a run-through of the IC cards to keep the material fresh in my mind.
While taking the test I kept a tally as follows:
Questions for which I was (reasonably) certain of the answer: 47
Questions for which I (generally) was able to narrow it down to one of two answers: 25
Questions for which I guessed: 8
As you can see, there were 80 questions on the exam.
Iâve used the Specific Exam Section to prepare for most of my exams but not so much for this one. I used IC as my primary guide and just tried to solidify my knowledge in the areas introduced there and in the CLEP and Petersonâs practice exams. I think Snazzlefragâs list is pretty comprehensive and accurate if you prefer to work off of that.
The practice tests are good guides and youâll see a few VERY similar questions with VERY similar illustrations. The Peterson test #2 goes very deeply into monopolistic competition towards the middle of the testâand I did NOT need to know that much for the actual CLEP (good thing âcause I didnât study that much!). Also, I found the Petersons comparative advantage computation questions a little confusing and my CLEP test did not require anything that intensive. Still, you really DO need to understand the concepts of monopolistic competition and comparative and absolute advantage.
Many questions include possible answers that intermingle the concepts of comparative advantage, elasticity and curve shifting/movement along a curve. You should know that youâll be answering more situational questionsâas opposed to direct.
I felt there was a heavy concentration on straight supply and demand. That was good. The Peterson tests will give you the impression that the more intensive perfect competition/monopolistic competition/profit-seeking, etc. type questions actually go deeper than they do on the exam. You do have to read curvesâbut if youâve studied IC and the CLEP sample pretty well and you come to a few problems in the Petersons exams that just seem TOO involvedâthatâs because they are. There were maybe TWO questions at the most that seemed to delve that deep.
Hot Tip: One thing I learned from the Petersons exams that was very valuable and helpful was: if you are looking at an incomprehensible diagramâread the question carefully. If you can distinguish between perfect and monopolistic competitionâchances are youâll be closer to the answer than you think, or, at the very least, youâll be able to eliminate 2-3 of the choices!
Computations were very light. If you understand GENERALLY how to compute elasticity youâll be fine. Know what an elasticity score of â1â signifies. There were a few questions with regard to the social costs of externalities. There were only a few âgimmiesâ and most of the questions require some thought, but not many were exceedingly difficult. Tricky, maybe, but since we canât see the results I canât tell you if I got tricked!
There was a production possibilities curve question and a very general anti-trust question, as well an Adam Smith question. You should understand all the basics very wellâMR, MC, AVC, AC (not much on AFC) and how they all interact based on the types of business (monopolistic, monopoly, etc.) and how decisions will be made based on market behaviors and various circumstances. Again, use IC and the CLEP practice tests as evidence of how deep youâll getâand if you find Petersons going a lot deeperâyou probably wonât get there on the exam.
Other topics of note:
Donât be afraid of this one. If you could handle Macro you definitely should be able to handle Micro.
If you click on the links in my signature below, you will find my feedback for most of the exams I took to earn my B.S. in General Business from Excelsior College. Many of those links were connected to the "Specific Exam Feedback" section so I'm reposting some of that feedback so all of my links will function for everyone--even those who have not yet joined InstantCert. Check it out and if you would like to see more, sign up!
[SIZE="4"]Macroeconomics - December 2007[/SIZE]
I took the CLEP Macroeconomics exam this afternoon and passed with a 63. I prepared on and off for this exam over the course of several months--usually studying for a few hours and then abandoning it because I realized that it made more sense to take a different test next due to cross-over efficiencies, etc. I started in earnest a week and a half ago and put in an hour or two each day--mostly with IC but I also read through a Cliffs Economics book and a Pass Your Class guide.
As far as the subject material goes, it's not my thing. Some of it is intuitive--but most of it doesn't gel for me. I needed a lot of repetition to get some of this to sink in. This is the second CLEP I took solo (I went to the testing center and took only one test)--the first was Statistics. I'm finding these tests more difficult than all the computer and psych-type tests. It actually makes me question why I'm pursuing a business degree because I really don't dig this stuff at all.
Earlier this week I took the CLEP practice test and got 45/60. Not terrible--but some questions that I didn't know--I REALLY didn't know. I took my first Petersons the next day and got 49/80. I took the second today and got 60/80. I never got around to the third one.
I had a lot of trouble logging in at the testing center but once I got started everything was fine. I paced myself and finished with four minutes to spare. I went back and looked at all but a few I had marked for review--but only changed one answer.
I think it might be helpful to give anyone reading this post some perspective of my ability vs. my score if I describe the stuff I DIDN'T know come test time:
I could not complete with confidence any of the bank reserve problems. It's a simple enough formula and concept, but these problems didn't have any loan amounts and focused on the "extra reserves" which I just could not get my mind around--despite knowing the basic formula and using it successfully when practicing. The answers I was coming up with were so bad they weren't even options! Another thing I can't do is tell why most curves are shifting and what it means. I did know some basics--but it didn't help me much on the test. I also couldn't remember if you should increase or decrease gov't spending to combat inflation. Even still, due to lucky guessing and perhaps some good basic (as opposed to deep) knowledge, I scored a 63. Not great--but I passed with room to spare.
I usually make note of how many questions fell into various categories for me. I used four categories this time. Of the 80 questions on the test I felt certain of the answer to 33 (I think this was the first test where I wasn't certain of at least half), I narrowed 24 down to one of two answers, I narrowed 9 more down to three possible correct answers and there were 12 that were complete guesses. I really don't like the Windows 3.1-looking CLEP tests with their FIVE unnumbered choices and I'm really glad I only need one more CLEP to finish my degree requirements (the rest are DSST, ECE, etc.). I found that format particularly frustrating for this exam.
I was feeling great for the first 20 or so problems--but the middle 40 almost killed me. This was the first test where I thought there was a serious chance that I didn't pass.
I've attached some detailed feedback for anyone who may be interested.
[SIZE="4"]Microeconomics - January 2008[/SIZE]
I took the CLEP Principles of Microeconomics exam today and received a score of 67. InstantCert was my primary study tool. Once I felt that I knew that material pretty well, I tried the CLEP practice test and scored a 73. I added some of that material to my study notes and then took two Petersons examsâstudying a little more in between the first and second. I got 22/80 incorrect on the first exam and 23/80 incorrect on the second. Somewhat noteworthyâon the second exam I only got five of the first 40 incorrect. It went downhill from there.
I also used the Cliffâs Quick Review Economics book a little (very little) and solidified the comparative advantage computations with Wikipediaâalthough I ultimately did not need that for the exam. I also used the on-line Spark Notes a little (very little).
The only previous knowledge I had of Microeconomics was the overlap with Macroeconomicsâwhich I did not understand well. I studied for about three weeksâsome days for a couple of hours, some days not at all, and some days I just did a run-through of the IC cards to keep the material fresh in my mind.
While taking the test I kept a tally as follows:
Questions for which I was (reasonably) certain of the answer: 47
Questions for which I (generally) was able to narrow it down to one of two answers: 25
Questions for which I guessed: 8
As you can see, there were 80 questions on the exam.
Iâve used the Specific Exam Section to prepare for most of my exams but not so much for this one. I used IC as my primary guide and just tried to solidify my knowledge in the areas introduced there and in the CLEP and Petersonâs practice exams. I think Snazzlefragâs list is pretty comprehensive and accurate if you prefer to work off of that.
The practice tests are good guides and youâll see a few VERY similar questions with VERY similar illustrations. The Peterson test #2 goes very deeply into monopolistic competition towards the middle of the testâand I did NOT need to know that much for the actual CLEP (good thing âcause I didnât study that much!). Also, I found the Petersons comparative advantage computation questions a little confusing and my CLEP test did not require anything that intensive. Still, you really DO need to understand the concepts of monopolistic competition and comparative and absolute advantage.
Many questions include possible answers that intermingle the concepts of comparative advantage, elasticity and curve shifting/movement along a curve. You should know that youâll be answering more situational questionsâas opposed to direct.
I felt there was a heavy concentration on straight supply and demand. That was good. The Peterson tests will give you the impression that the more intensive perfect competition/monopolistic competition/profit-seeking, etc. type questions actually go deeper than they do on the exam. You do have to read curvesâbut if youâve studied IC and the CLEP sample pretty well and you come to a few problems in the Petersons exams that just seem TOO involvedâthatâs because they are. There were maybe TWO questions at the most that seemed to delve that deep.
Hot Tip: One thing I learned from the Petersons exams that was very valuable and helpful was: if you are looking at an incomprehensible diagramâread the question carefully. If you can distinguish between perfect and monopolistic competitionâchances are youâll be closer to the answer than you think, or, at the very least, youâll be able to eliminate 2-3 of the choices!
Computations were very light. If you understand GENERALLY how to compute elasticity youâll be fine. Know what an elasticity score of â1â signifies. There were a few questions with regard to the social costs of externalities. There were only a few âgimmiesâ and most of the questions require some thought, but not many were exceedingly difficult. Tricky, maybe, but since we canât see the results I canât tell you if I got tricked!
There was a production possibilities curve question and a very general anti-trust question, as well an Adam Smith question. You should understand all the basics very wellâMR, MC, AVC, AC (not much on AFC) and how they all interact based on the types of business (monopolistic, monopoly, etc.) and how decisions will be made based on market behaviors and various circumstances. Again, use IC and the CLEP practice tests as evidence of how deep youâll getâand if you find Petersons going a lot deeperâyou probably wonât get there on the exam.
Other topics of note:
- Short Run/Long Run â several questions required you to understand the behaviors of each
- Substitute/Complement
- Utility
- Price Ceilings
- Public Goods
- Return to Scale (one of the very few things I did not know ANYTHING about)
- Positive and Negative Externalities
- Laws â Diminishing Returns, Supply, Demand
- Normal and Inferior Goods
- Capital
- Barriers
- Per se
- Rule of Reason
- Herfindahl
- Gini ratio
- Nash
- Lorenz
- Normative
- Kinked curves
- Game theory
- Zero sum
Donât be afraid of this one. If you could handle Macro you definitely should be able to handle Micro.
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