CLEP Principles of Microeconomics Practice Test 1

Answer all 80 questions in 90 minutes. Every question has one best answer chosen from five options (A--E). Several items share a common graph, data table, or market scenario presented immediately before the questions that use it; read each stimulus carefully before answering. Coverage is proportioned across the four official content categories published by the College Board: Basic Economic Concepts (about 10--16%, including scarcity, opportunity cost, the production possibilities curve, comparative advantage, and economic systems); The Nature and Functions of Product Markets (about 55--70%, the largest category, covering supply and demand, elasticity, consumer choice, production and costs, and firm behavior and market structure across perfect competition, monopoly, monopolistic competition, and oligopoly); Factor Markets (about 6--12%, including marginal revenue product and labor market equilibrium under competition and monopsony); and Market Failure and the Role of Government (about 8--14%, including externalities, public goods, antitrust policy, and income distribution). No calculator is needed or permitted, matching the official exam. This independently written practice test is not an official CLEP form and is not endorsed by or affiliated with the College Board.