Before I start, if you already have a Bachelor’s degree in Economics or similar field then you are probably prepared for this type of online exam. However, it is a different beast. It really helps to have a core course related to microeconomics (or whatever your major of interest is). Typically, these are either classes in personal finance, public economics, micro and macro economics, etc. However, if you want to take this test as a challenge, you may wish to also take a course in business so you have some background on business issues. As for when to take this test, it starts the day before classes begin at your prospective university.
When choosing which course to take, there are several considerations. For one thing, make sure that it is a course that has a well-known name in the market. This means that it has had some research and should be recognized by a trusted source (e.g., the National Association of Business Credit Officers). Make sure that the course is well-designed by people who understand the subject well.
Now let’s get down to business. How do you study for this test? There are two ways to study for the exam. The first involves a one-time set up. This typically requires that you schedule a series of focused study sessions over a period of several weeks so you can devote all of your time to the material.
Alternatively, you can take a course online. This will give you the benefit of convenience. You won’t have the same pressure of having to fit in study time into your already busy schedule. A great online micro guide will allow you to devote as much or as little time as you want to devote to studying for the exam.
Once you’ve decided which route to take, you need to decide which microeconomics course to use. If you want to save time, look for a free online course. Some are offered through websites such as Courses Flow and others through books and other reading materials. For more in-depth knowledge of the subject, look for a paid micro guide. Although these will cost money, they’re usually well-paced and contain lots of information.
One important point to remember is that microeconomics affects every aspect of life. There’s no such thing as a micro-economy that exists apart from the local area in which a business operates. All economies are connected. And microeconomics is the study of those connections.
On the day of your examination, you’ll likely find yourself very nervous. The exam is nothing alike a typical college course; there are multiple-choice questions, long explanations, and even tests based on topical issues. Don’t let your nerves ruin things for you. Follow these tips to help you ace your micro economics exam.
Practice is everything. Look at past exams, get an overview of what you’ll be asked, and practice answering questions until you know how the material should be presented. Look over your notes and see if there’s anything that you can have changed. You don’t want to waste time on any questions you’ve already answered. Write down how you felt about each question and the answer. This will help you remember the right answer when it comes time to write it down.
Consider taking practice tests to learn microeconomics concepts. These can be found on the web or at many bookstores. You’ll learn about topics such as the product cycle, consumer spending, investment analysis, inflation, and government intervention. These concepts are important parts of the economic process, and understanding them will help you ace your exam.
Lastly, review the answers. Most exam sites require that you answer a set number of questions. Make sure you do plenty of practice runs before the exam. Have friends answer questions for you, too. This will give you an idea of how much to study. Knowing what you need to study will help you focus and ace your microeconomics!