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Principles of Macroeconomics covers material that is usually taught in a one-semester undergraduate course in the principles of macroeconomics. The exam covers (1) principles of economics that apply to an economy as a whole, (2) determinants of aggregate demand and aggregate supply, (3) the structure of the Federal Reserve Bank and the monetary policy tools it uses, and (4) international economics and growth.

You will be required to demonstrate one or more of the following abilities:

• Understanding of important economic terms and concepts
• Interpretation and manipulation or economic graphs
• Interpretation and evaluation of economic data
• Application of simple economic models

The exam consists of 80 multiple-choice questions to be answered within 90 minutes.

Topics covered include:

• Basic Economic Concepts
  • Scarcity: the nature of the economic system
  • Opportunity costs and production possibilities curves
  • Demand, supply, and price determination
  
  
• Measurement of Economic Performance
  • Inflation and price indices
  • Unemployment
  
  
• National Income and Price Determination
  • Aggregate supply and demand: Keynesian and classical analysis
  • Money and banking
  • Effectiveness of fiscal and monetary policy
  
  
• International Economics and Growth
  • Comparative advantage, trade policy, international finance, and exchange rates
  • Economic growth

(Taken from “Principles of Macroeconomics,” CLEP: Principles of Macroeconomics, ©2007. )