| − | The above list is all that is on the CLEP exam, in the percentages shown. At first glance, the CLEP exam may not seem biased. But it is. The CLEP exam omits important conservative concepts like Gresham's Law, transaction costs, the time value of money, and the Coase theorem. These are essential topics, even the CLEP ignores them. Instead, the CLEP exam asks more about government regulation that one would expect for Microeconomics, which is the study of individual firms and markets. Also, the CLEP exam asks fewer questions about opportunity cost and other important conservative concepts than it should. | + | The above list is all that is on the CLEP exam, in the percentages shown. At first glance, the CLEP exam may not seem biased. But it is. The CLEP exam omits important concepts like the invisible hand, transaction costs, the time value of money, interest rates, the Coase theorem and Gresham's Law. Why does the CLEP ignore these fundamental aspects of economics? Because each of those concepts tend to lead students to conservative conclusions. For example, once a student realizes how inefficient transaction costs are, he or she will probably not like government regulations much! So instead of these concepts, the CLEP exam adds lots of questions about government regulation that cast it in a positive light. Also, even when the CLEP exam does include certain topics like opportunity cost, it asks less about it than it should. |
| − | But nearly of the questions that are asked on the CLEP exam have unbiased, correct answers. The only exceptions where political bias becomes a factor are a few questions about government regulation. For these few questions, the CLEP exam pretends that government regulation can make a market ''more'' efficient. This is untrue, as proven by the Coase theorem, but the CLEP exam writers want people to think that more regulation is somehow good, and that government can somehow make a market more efficient. | + | But don't think most of the CLEP questions and answers are biased. They are not. Nearly all of the questions on the CLEP exam have unbiased, correct answers. The only exceptions where political bias becomes a factor are a few questions about government regulation. For these few questions, the CLEP exam pretends that government regulation can make a market ''more'' efficient. This is untrue, as proven by the Coase theorem, but the CLEP exam writers want people to think that more regulation is somehow good, and that government can somehow make a market more efficient. |