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Principles of Macroeconomics

Principles of Macroeconomics
General price level, output and income, and interrelations among sectors

4 weeks / 6 hours per week

About This Course

This course covers the fundamentals of Macroeconomics that are usually covered throughout an introductory one-semester college course. Our goal is to prepare you to pass the CLEP examination and obtain college credit for free.

The CLEP examination places a major emphasis on understanding principles of economics that apply to an economy as a whole, particularly the general price level, output and income, and interrelations among sectors of the economy.

It also highlights the determinants of aggregate demand and aggregate supply, and on monetary and fiscal policy tools that can be used to achieve particular policy objectives.

“Principles of Macroeconomics” is a completely self-paced course. It has no prerequisites and it is offered entirely for free.

Course Staff


How is this course organized?

This course is organized into seven topical chapters or modules that contain short video lessons, exercises and readings.

All of the course material has been released at once so you can complete it anytime.

What do I need to pass the CLEP exam?

You need to demonstrate an understanding on macroecnomics. The exam contains approximately 80 questions to be answered in 90 minutes. Please examine our syllabus.

How does this course differ from other CLEP textbooks and traditional courses?

This online course includes a carefully structured series of video lectures and exercises taught by a top quality university professor.




How the CLEP Works   

1. Basic Economic Concepts

1.1 Scarcity, Choice, and Opportunity Cost   

1.2 Production Possibilities Curve   

1.3 Comparative Advantage, Specialization, and Exchange   

1.4 Demand, Supply, and Market Equilibrium   

2. Measurement of Economic Performance

2.1 Measuring a Nation's Income, GDP and Other Measures   

2.2 Measuring the Cost of Living, Inflation, CPI, and Prices   

2.3 Unemployment   

3. National Income and Price Determination

3.1 Aggregate Demand   

3.2 Aggregate Supply   

3.3 Macroeconomic Equilibrium   

4. Financial Sector

4.1 Money, Banking and Financial Markets   

4.2 Central Bank and Control of the Money Supply   

5. Inflation, Unemployment, and Stabilization Policies

5.1 Fiscal and Monetary Policies   

5.2 Inflation and Unemployment   

6. Economic Growth and Productivity

6.1 Understanding Productivity and Economic Growth   

7. Open Economy: International Trade and Finance

7.1 Balance of Payments Accounts   

7.2 Inflows, Outflows and Restrictions   

7.3 Foreign Exchange Markets   

Sample CLEP Questions

Questions 1 - 15

Questions 16 - 30

Questions 31 - 45

Questions 46 - 60

Question 61 - 75

Question 76 - 90

Final Steps

Prof. Helena Keefe's Recommendation   

Exam Time   

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