What This Exam Covers
The Principles of Macroeconomics CLEP tests how national and global economies function as a whole, covering GDP measurement, inflation, unemployment, the banking system, fiscal and monetary policy, economic growth, and international trade. It's equivalent to a first-semester undergraduate macroeconomics course. The exam is analytical and includes graph reading (AS/AD diagrams, the money market, the Phillips curve), and you need to be able to interpret what happens when the inputs change, not just name the graph.
Exam at a Glance
| Questions | 80 multiple choice |
| Time | 90 minutes |
| Passing score | 50 (most schools) |
| College credits | 3 semester hours (typical) |
| Exam fee | $97 |
What's on the Principles of Macroeconomics CLEP*?
| Category | Weight | Topics |
|---|---|---|
| Inflation, Unemployment, and Stabilization Policies | 20%–25% | Fiscal and monetary policies, demand and supply effects, policy mix, government deficits, Phillips curve, inflation expectations |
| National Income and Price Determination | 15%–20% | Aggregate demand (determinants, multiplier, crowding-out), aggregate supply (short-run and long-run, wage and price flexibility), macroeconomic equilibrium, business cycles |
| Financial Sector | 15%–20% | Money supply and creation, banking system, money demand and markets, central bank policy tools, interest rates, quantity theory of money |
| Measurement of Economic Performance | 12%–16% | National income accounts (circular flow, GDP, components, real vs. nominal), inflation measurement (CPI, GDP deflator, price indices), types of unemployment, natural rate of unemployment |
| Basic Economic Concepts | 12%–15% | Scarcity, opportunity cost, production possibilities curve, comparative advantage, specialization and trade, supply and demand, price controls |
| Economic Growth and Productivity | 5%–10% | Definition and measurement of growth, investment in human and physical capital, technology, R&D, growth policy |
| Open Economy: International Finance | 5%–10% | Balance of payments accounts, foreign exchange markets, net exports, capital flows, links to goods and financial markets |
Source: For a full breakdown of what is on the exam, see the College Board Principles of Macroeconomics CLEP page.
How hard is the Principles of Macroeconomics CLEP*?
Macroeconomics is a moderate exam that tests your ability to interpret graphs. You'll need to know many terms and understand their relationships, not just memorize their names. The stabilization policies section (the largest on the exam at 20–25%) connects fiscal policy, monetary policy, the Phillips curve, and inflation expectations all at once. You need a general understanding of how these work together.
Students who took economics in high school could be ready in 2 to 3 weeks. Those starting from scratch should plan 4 to 6 weeks.
How to study for the Principles of Macroeconomics CLEP*
- Work through InstantCert flashcards, noting ones you continually get wrong. Read the answers carefully and use free resources to boost specific problem types if necessary.
- Use the College Board's free Macroeconomics practice questions if you need some free questions directly from the College Board.
- Crash Course Economics is one of the best free resources for this exam but covers some areas you don't need. The episodes on AS/AD, monetary policy, fiscal policy, and GDP measurement are short, clear, and directly relevant to what shows up on the CLEP.
- ModernStates.org has a free Macroeconomics course built for CLEP prep. It is particularly solid on the financial sector and stabilization policy sections. These are really in depth so you may want to figure out the areas you really need to study instead of doing the entire course.
What score do you need to pass?
A score of 50 is the standard passing threshold at most schools, but some require a 60. Macroeconomics credit typically satisfies a social science or economics requirement. Confirm your school's policy before registering to ensure the credit will count.
Pass and the credit appears on your transcript with no letter grade. Fail and the attempt does NOT appear on your transcript at all. You can retake after 3 months, but you lose the exam fee.
Can you pass Principles of Macroeconomics CLEP* with just flashcards?
Many of our students pass with just the flashcards. The conceptual nature of macroeconomics adapts well to flashcard study. The one area where a supplement often helps is graph interpretation. If reading AS/AD diagrams, money market graphs, or the Phillips curve feels unfamiliar, an hour or two of Crash Course or Modern States for the visual component is worth it.
Which colleges accept the Principles of Macroeconomics CLEP*?
Most accredited U.S. colleges and universities accept the Macroeconomics CLEP for credit, awarding 3 semester hours.
Use the College Board's CLEP credit-granting policy search tool to look up your school's exact policy. Search by institution and select Principles of Macroeconomics to see their minimum score and credit hours. Policies in the tool are sometimes outdated, so confirming directly with your school before you start studying is worth it.
Principles of Macroeconomics CLEP* vs. taking the class
At $97, the Macroeconomics CLEP is dramatically cheaper than a semester of introductory economics at virtually any college. You earn the same 3 credit hours with no GPA impact. The tradeoff is self-directed prep without lectures, office hours, or graded assignments.
| Exam fee | $97 one-time |
| Typical tuition equivalent | $500–$3,000+ (one semester) |
| Credits earned | 3 semester hours (typical) |
| Time to prepare | 2–6 weeks self-study |
| GPA impact | None — pass/fail, not graded |
| Pairs well with | Microeconomics CLEP (knock out both economics requirements at once) |
CLEP is the right call if you have any economics background or want to cut tuition costs. Taking the class makes more sense if your program requires a graded economics course or upper-level economics coursework.
Happy testing!