Survey the course syllabus. Use your econometrics course syllabus as a guide for the material the class has covered up to this point. Make a list of questions for the professor related to the test. Ask about the test's format, the material covered and whether or not you will be allowed to bring a formula sheet into the test.
Gather and organize materials. Collect all the available materials together from the class. Texts, handouts, previous quizzes and homework should all be included in your test prep packet. Divide the material into topical sections, using the syllabus as your guide.
Match theory with practice examples. Go through your material and study the principles you learned so you are conversant enough to explain them and cite the economists who developed them. Then, for each major section or principle, do a set of practice problems, starting with problems that you already did on earlier exercises and then proceeding to new examples.
Make a formula sheet. If there is one thing that is certain about an econometrics test, it's that there will be heavy emphasis on formulas. Make a formula sheet or set of formula note cards and get to know what each is used for. If you can bring the sheet into the test, then just familiarize yourself with them. If not, then memorize the formulas in order to ace the exam.