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Principles of Microeconomics — Information & Free Practice

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Principles of Microeconomics

Provider
College Board; testing arrangements through CLEP test centers or remote proctoring
Format
Internet-based examination, mainly multiple-choice questions; answer-based scoring
Time limit
90 minutes
Exam fee
$97 examination fee; test-center administration or remote-proctoring fees may be additional
Examination outline

The authority publishes percentage ranges for each content area. The practice percentages below use the midpoint of each range, normalized to 100%; they are not exact percentages published by the authority. Practice question counts may differ slightly because of rounding.

  • Basic Economic Concepts — Official range: 10–16% (Practice allocation: 13.61%)
    • Scarcity, choice, and opportunity cost
    • Production possibilities curve
    • Comparative advantage, specialization, and trade
    • Economic systems
    • Property rights and the role of incentives
    • Marginal analysis
  • The Nature and Functions of Product Markets — Official range: 55–70% (Practice allocation: 65.45%)
    • Supply and demand
    • Theory of consumer choice
    • Production and costs
    • Firm behavior and market structure
  • Factor Markets — Official range: 6–12% (Practice allocation: 9.42%)
    • Derived factor demand
    • Marginal revenue product
    • Labor market and firms' hiring of labor
  • Market Failure and the Role of Government — Official range: 8–14% (Practice allocation: 11.52%)
    • Externalities
    • Public goods and private goods
    • Public policy to promote competition
    • Income distribution
Examination sources