CLEP Macroeconomics

[libartsmgr]

Originally Posted by Back2School

...I'm just recommending that we not forget that the goal here is not just to pass a test, but to have something of value (a respected degree) in the end. What good will it be to have passed these tests and earned a degree if five years down the road many consider it 'Bush league'...

As I read both Librevore's and Back2School's posts, two key points popped in my head.

The first is to Back2School's comment that employers and other professional may very well be reading the boards. You're right, this could certainly be true. We really don't know each other and we don't know who just "lurks" on the boards. BUT we have put a significant amount of trust in each other's genuineness. That, to me, is what set's this board apart from the others. So when we say an exam is "easy" it's all relative. College, in general, is not easy. A final exam, in general, is not easy. But I think we use our language to each other as encouragement. It's leting everyone know we CAN do it.

Like Brian said, I really was alone in my studies before this board, and I owe a lot of my success to Instacert and the board.

Instacert is not a cheat sheet or brain dump. Nor are the boards. We don't say things like, "question 10 is answer B" but we advise each other on topics to study, areas to focus on, and things we didn't expect but were on our exams. There are quite a few people who just can't use IC and to study because it does require a lot of critical thinking abilities to fill in the gaps and their brains just do not function as proficiently in that situation. I'm proud to say that I used ONLY IC to pass no less than 10 exams. To me, it say's to the world, "I'm pretty darn smart!"

My second point is to Librevore's comment about how we achived our degree.

Librevore - could you tell every prospective employer, critic, or anyone who will listen that this is how we are getting/got our degree?
I really like that you said what you did and that you have that perspective about education - incredibly validating! Thank you.

[Librevore]

Thank you for the welcome, Snazz. And thank you too Libartsmgr. I was going to wait to post until I had taken my first test but was hoping that someone might benefit from this mornings post. I am scheduled to take Biology this Friday and am as nervous as can be. It's a subject that I have no background in so it will be a good test to see if I can study/learn/succeed this way. If I pass then I will be very excited to become a contributing part of the "student body."

I stumbled onto this site and forum not too long ago and it has reawakened a life long dream. The spirit of openess, vulneralbility, helpfulness and goodwill is tremendous.

[snazzlefrag]

Hi All,

I took CLEP Macroeconomics today, and passed with a 67. Wohoo!

I studied for a week using the following resources:

Instantcert
Economics: A Self-teaching Guide (by Steve Slavin)
Standard Deviants: Macro-economics (Video)
http://www.sparknotes.com/economics/
http://www.uncp.edu/home/frederick/MBA515/macronot.htm
http://www.quickmba.com/econ/

I didn't really enjoy this subject, so learning the material didn't come easily to me. But I persevered despite my misgivings, and everything worked out okay in the end.

I actually studied a lot of little details that weren't really needed for the exam. Instead, I encountered lots of questions that repeatedly asked about the same core concepts, in different ways.

Here's a list of things that were mentioned on MY version of the exam:

Capital Goods
Supply & Demand (including a graph question)
Equilibrium (Surplus vs. Shortage)
Full Employment (definition)
Opportunity Cost (definition and a calculation)
Production Possibilities Curve (Efficient vs. Inefficient use of resources)
Left vs. Right Shift (various different curves. Causes and Effects)
Scarcity
Circular Flow of Cash
CPI (calculation, and what is included/not included in it)
GDP (major concept on the exam. Know everything about it.)
GDP Deflator
GDP Gap
Disposable Income
National Income
Real Income
Automatic Stabilizers
Deflation
Recession
Stagflation
Hyperinflation
Inflation (major concept on the exam. Know who winners and losers are during inflationary periods)
Monetary Policy vs. Fiscal Policy (who does what to which thing, and with what effect on various economic measures)
Unemployment (major concept on the exam. Know the various types)
Full Employment (definitions)
Natural Unemployment Rate
Unemployment Rate
Aggregate Supply vs. Aggregate Demand (major concept. Definitions, shifts, and graph questions)
Consumption Function
MPC and MPS (also Average Propensity to Consume vs. Average Propensity to Save)
Multiplier
Theories (major concept. Classical vs. Keynesian vs. Monetarist vs. Ration Expectationists vs. Supply-siders)
Crowding Out
Expansionary vs. Contractionary Policy (both Fiscal and Monetary)
Money (definition. Know the various types...M1, M2, M2+, M3)
Money multiplier (more than one calculation question)
Discount Rate
Cash Reserves
Reserve Ratio
Federal Reserve (what tools it has up its sleeve, and what each tool does)
National Debt
Budget Deficit
Phillips Curve (definition)
Demand-side vs. Supply-side Economic Growth Policies
Absolute vs. Comparative Advantage
Protectionist Policies (Tariffs, Quotas, Subsidies. What effect do they have on US economy/currency)
Exports vs. Imports (definition. What effect does each have on the US economy/currency)
Supply vs. Demand of Money.

This may seem like a lot of information. But it all boils down to just a very small number of CORE topics:

Economic Growth
Supply & Demand
Aggregate Supply & Demand
Fiscal Policy
Monetary Policy
The Business Cycle
Imports & Exports
Money Supply & Demand
GDP and CPI
Macroeconomic Theories

If you know all of the above, you should do well. Your exam might have a slightly different internal consistency, but all the above core concepts will be covered.

I took the full 90 minutes to complete this exam. I had one minute left on the clock as I answered my last question. For some reason, I forgot to 'Mark & Skip' the more difficult questions. This very nearly cost me some questions at the end. But, thankfully, I still managed to make it through all the questions in time. Make sure you don't make the same mistake when you take this exam. Remember....'Mark & Skip'. If a particular question makes your nose bleed, mark it, skip it, and come back to it at the end. If, on the second pass, the question makes your eyeballs roll into the back of your head, GUESS, and move on...it ain't worth the time or the migraine.


Going into this exam, I was nervous that they would ask extremely complex questions. But, on the whole, I don't think the exam went very deep into any particular concept. Also, I don't think the exam was very wide either. As I said in the beginning, the exam tended to ask several questions about a small number of core concepts, with each question varying slightly from the others.

Let me see if I can give you an example of what I mean!

I'll take a major concept covered on the exam: Expansionary Monetary Policy.

Question 1
Expansionary monetary policy is useful in counteracting which of the following? Answer: Recession.

Question 2
In a recession, which monetary policy would be most effective? Answer: Expansionary Monetary Policy.

Question 3
In a recession, the Federal Reserve is most likely to do which of the following? Answer: Buy Government Securities.

Question 4
If the Federal Reserve is buying government securities, the economy is most likely to be in which of the following? Answer: Recession.

Question 5
If the Federal Reserve buys government securities, how will the supply of money be affected? Answer: The money supply will increase.

Question 6
If there is an increase in the supply of money, Nominal GDP will do which of the following? Answer: Increase.

Question 7
Which of the following would cause an increase in Nominal GDP? Answer: Increasing the money supply.

----
Do you see what I mean? None of those questions go very DEEP, or very WIDE. All seven questions merely require you to understand the basics of ONE CONCEPT: Expansionary Monetary Policy (what it is, and what it does).

So, I would say that on this exam, a little knowledge goes a long way.

I hope you find this helpful.

Best of luck to you,
Snazzlefrag

[Librevore]

Originally Posted by snazzlefrag

Hi All,

I took CLEP Macroeconomics today, and passed with a 67. Wohoo!


Snazzlefrag

Congratulations Snazz!! You've been really knocking 'em down. And well too! Thanks as always for the great feedback. I really appreciate it.

Librevore

[ShotoJuku]

Originally Posted by snazzlefrag

Hi All,

I took CLEP Macroeconomics today, and passed with a 67. Wohoo!

Best of luck to you,
Snazzlefrag

WooHoo & Congrats to you too!!

You're over the 100 credit hump - it won't be long now!!

[B2MANLEY]

Snazz,

You definitely win the award for most valuable feedback. You give great advice. I don't know where you get the time to provide such detailed reports, but I think I speak for everyone on here when I say that I am glad you take the time to do it

Not planning to take Macro, buit if I was, I'd be printing your entire post and using it as a study outline!!!

[avi]

Rob man, you are going places. You are one of the best things that happened to college credit besides dantes and cleps. I hope one day you run for some public office so I can vote for you!!!!!!!
Avi

[snazzlefrag]

Originally Posted by B2MANLEY

I don't know where you get the time to provide such detailed reports!!!

Dear B2Manley,

The moment I return from an exam, I dictate my report to my Secretary. My Secretary then submits the typed draft report to my Head Accountant to check for any incorrect financial evaluations. My Head Accountant then hands the report off to my Director of Communications who copy edits the report. My DC then submits the report to my in-house Lawyer to check for any potential copyright issues and lawsuit exposure. The report then returns to my Secretary who types up the final draft. The final draft then makes its way to my desk for final approval and signature before heading down to the IT Department for submission to the board.

It's quite a lengthy process. That's why many of my reports don't get submitted to the board until 3am.

Either that, or I am a self-employed insomniac with too little sleep, too much free time, and a big heart.

Sincerely,

RJ Snazzlefrag
CEO Snazzlefrag, Inc.

RS/gk

[Librevore]

Originally Posted by B2MANLEY

Snazz,

You definitely win the award for most valuable feedback. You give great advice. I don't know where you get the time to provide such detailed reports, but I think I speak for everyone on here when I say that I am glad you take the time to do it

Not planning to take Macro, buit if I was, I'd be printing your entire post and using it as a study outline!!!

I wonder if there is some way we can get Snazz to take every Clep, Dantes and ECE exam available? We'd have notes for EVERYTHING! He's already confessed to being addicted and if you read between the lines a little, I'm thinking that maybe he could be bribed.
Librevore

[snazzlefrag]

Originally Posted by Librevore

I wonder if there is some way we can get Snazz to take every Clep, Dantes and ECE exam available? We'd have notes for EVERYTHING! He's already confessed to being addicted and if you read between the lines a little, I'm thinking that maybe he could be bribed.
Librevore

Ha ha!

I will PM you my address so you can send me the check to cover the exam costs PLUS a stipend for living expenses.

I have taken 34 exams so far, and I anticipate taking at least an additional 14 exams. I'll keep on writing, if you'll keep on reading!


You guys crack me up,
Snazzlefrag