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  1. #1
    xn85turbo is offline Registered User
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    Question Clep Micro and Macro Economics

    Well I took Macroeconomics the Saturday before last and failed with a 48 and I needed a 50. I used The 16th edition CollegeBoard guide, Sheryl Spencer (Finish College Fast) guide (not nearly enough info in this guide for covered material on the exam), and I reviewed the 328 test questions from instantcert (seemed like a lot of trivial information and questions were not even close in format to the actual test). Now I have to wait 6 months to retest.

    So my next test is going to be microeconomics. Do the above materials cover this subject better than macro?

    I need to take the following exams via CLEP:

    ECON 102 macroeconomics (failed with a 48)
    ECON 101 microeconomics
    ENG 101 English composition
    BA 109 principles of management
    101 ECON microeconomics
    MATH 101 college algebra

    Dantes:

    MATH 216 introduction to Statistics

    Division Examiniations:

    ACCT 101 accounting principles 1 (division examinations)

    Any recomendations?

  2. #2
    guitarmark2000 is offline Registered User
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    Re: Clep Micro and Macro Economics

    Originally posted by xn85turbo
    Well I took Macroeconomics the Saturday before last and failed with a 48 and I needed a 50. I used The 16th edition CollegeBoard guide, Sheryl Spencer (Finish College Fast) guide (not nearly enough info in this guide for covered material on the exam), and I reviewed the 328 test questions from instantcert (seemed like a lot of trivial information and questions were not even close in format to the actual test). Now I have to wait 6 months to retest.

    So my next test is going to be microeconomics. Do the above materials cover this subject better than macro?

    I need to take the following exams via CLEP:

    ECON 102 macroeconomics (failed with a 48)
    ECON 101 microeconomics
    ENG 101 English composition
    BA 109 principles of management
    101 ECON microeconomics
    MATH 101 college algebra

    Dantes:

    MATH 216 introduction to Statistics

    Division Examiniations:

    ACCT 101 accounting principles 1 (division examinations)

    Any recomendations?
    From my site:

    As I just completed Macroeconomics (scoring 70) and Microeconomics (scoring 68) I can now pass on my recommended approach for these subjects. If you're pursuing a business degree these subjects are often required. Unlike other subjects, applying logic without knowledge won't work for you

    Although I did well, I took both of these within 9 days of each other and with only a few days of studying before the first exam; this was fairly stressful - part of the stress was caused by my desire to get an "A" and the fact that macro/micro require 61 and 60 scores respectively for an Excelsior A grade. In short, if you have more time, use it - let the concepts be absorbed into your mind rather than shove them in with brute force!

    Tip #1 - Take Macro before Micro. Most people agree with this as macroeconomics looks at the economy as a whole and therefore simplies a lot of concepts. It's also a bit easier.

    Tip #2 - Get the Standard Deviants economics tapes. They're pretty reasonably priced on Amazon.com ($33.99 for both), or you can hunt them down cheaper on eBay. Why do I recommend them? Because they are great at giving you the concepts over the course of 1-1/2 hours each, and you can rewind them. Note I said concepts - these tapes in themselves will not be sufficient.

    Tip #3 - Get "Economics - A Self-Teaching Guide" by Steve Slavin ($19.95 list). At around 200 pages total it's a good read and will help build on the concepts. For macro, ensure you're familiar with Keynsian and Supply-Side theories, as well as the difference between fiscal and monetary policies (otherwise you'll get tripped up on the exam). For micro, ensure you are comfortable with the concepts of monopolies, perfect competition, monopolistic competition and ogilopolies, not to mention supply/demand, variable/total/marginal costs, etc.

    These tips alone should be enough to get a passing grade. If you're looking to maximize, read further...

    Tip #4 - Get the Barron's Economics book ($16.95). The book in Tip #3 is a bit light in detail such as game theory and government influences. This book is a more difficult read than Slavin's, but has more detail and like other Barron's books, nice tips under each "You Should Remember" section.

    Tip #5 - Get the CliffsQuickReview Economics ($9.95). Very thin, it can replace the Barron's book or supplement it. To be honest, you probably don't need both but they all had their uses.

    Tip #6 - Practice drawing supply and demand graphs with the price equilibrium until you are TOTALLY comfortable with this. In all of my previous CLEPs I didn't need scrap paper - on macro and micro I used up several sheets drawing graphs. Don't wait until exam day to start!

    Tip #7 - Once you are comfortable running through examples (in the Slavin or Barron's books), take the Official CLEP Study Guide test a few days prior to the exam. If you get a raw score of 75% or above (e.g. 37/50) then you're definitely ready. If you score above 50%, then use the online links posted elsewhere on this site for micro and macro to review those which you got wrong. For macro, ensure you take DeBoer's exams. If you get less than 50% correct then you need more study as some of the concepts haven't sunk in yet.

    Tip #8 - If you've signed up for Instantcert.com, you'll find it of little value for macro and micro, except for some of the basic terms. It probably boosted my score slightly, but not significantly. I doubt you can get a high score on either economics exams using Instantcert.com as your sole resource.

    Tip #9 - Some people are proponents of taking the sample exam first, then brushing up on your weak areas. I disagree for economics - my argument is that there is a lot of theory that's not used day-to-day (how often do we maximize profit by having marginal cost = marginal revenue? ). Therefore, don't take the exam first because it may frustrate you and even cause you to worry unnecessarily.

    Tip #10 - The day before the exam, do a quick review with either Slavin the CliffsQuickReview book. Work through a couple of sample problems to make yourself comfortable and then relax...you'll do fine!

    Cheers,
    Mark
    BS General Business, Excelsior
    MBA, Indiana University

  3. #3
    xn85turbo is offline Registered User
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    OK so here is my progress;

    Macroeconomics (48-failed) (studied Sheryl Spencer would not recommend!)
    Principles of management (50-passed) (only studied for 1 hour here)
    Microeconomics (47-failed) (studied Sheryl Spencer would not recommend!)

    For Principles of Management all you will ever need to study to pass this test is.

    Chapters 7, 8, 9, 10 and 11 (Business 4th Edition A Changing World, isbn 0-07-115107-9) like Maslow, Hawthorne, etc... Theory X & Y,
    Management Styles like aristocratic, democratic, and free-riegn, plus stuff like the
    grapevine and different management department stuff HR , etc... Heck I would have to
    say out of the 100 questions probably 75 of them were about those five chapters. The
    rest is from the College Board book 92 sample questions though not the same the
    content was close enough for you to work through them.

    Now this is the type of info I am looking for suggestions, not some worthless crap about read 4 or 5 books, heck by that time I can take the 12 week class.

  4. #4
    guitarmark2000 is offline Registered User
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    SW Florida
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    Originally posted by xn85turbo
    Now this is the type of info I am looking for suggestions, not some worthless crap about read 4 or 5 books, heck by that time I can take the 12 week class.
    I'm not sure if this is a direct or indirect critique on my previous post, but I can assure you that I didn't take 12 weeks to study for Macro and Micro - probably 20-25 hours total over 4 weeks between the two while working full time and having a life outside of studying. I'd say this represents considerably less effort and time than a class, and the suggested resources (esp. the Barrons book at under $20) will prove useful beyond the examination date.

    For Principles of Management, I'd say that 90%+ of active, practicing managers can take this exam cold and get a passing grade. Why? Because they have existing knowledge that they apply on a daily basis. The only thing most may be missing is what you mentioned - specifics about management theories.

    My recommendation, and from what I've heard from others taking and passing these exams (usually by a fair margin), is if you already don't know Economics to the level where you understand the concepts as well as can casually apply them you need to start with the fundamentals.

    Neither of the sources you used help you with the concepts...they help you cram in facts.

    The good news is that you came very close to passing. The bad news is that you have to wait 6 months before you can take Macro and Micro again. Maybe you should consider taking the 12-week class or read a book or two in the meantime?

    I suppose that some of the test-taking suggestions (mine and others') posted on this site could be deemed "worthless crap", but if they come from people who not only passed, but passed with a high score, you may want to at least consider applying them before criticizing, especially when you failed two exams and barely passed one.

    Best of luck in your studies.
    BS General Business, Excelsior
    MBA, Indiana University

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