Economics Test

Q: What are the main Business Assessment Tests?

Some important Business Assessment Tests include: Business Analyst Test Financial Analyst Test Data Analysis Test

The Economics Test evaluates candidates' knowledge and understanding of economic principles, data interpretation, and financial analysis. It assesses their ability to apply economic concepts to real-world scenarios and make data backed decisions.

Covered skills:

Economics
Data Interpretation
Business Analysis
Macro-economics
Micro-economics

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About the Economics Assessment Test

The Economics Test helps recruiters and hiring managers identify qualified candidates from a pool of resumes, and helps in taking objective hiring decisions. It reduces the administrative overhead of interviewing too many candidates and saves time by filtering out unqualified candidates at the first step of the hiring process.

The test screens for the following skills that hiring managers look for in candidates:

Demonstrate a thorough understanding of economic principles and concepts
Apply economic theories to real-world scenarios
Analyze and interpret economic data and statistics
Evaluate the impact of economic policies and decisions
Demonstrate a strong understanding of microeconomics
Demonstrate a strong understanding of macroeconomics
Apply business analysis techniques to economic situations
Identify and analyze market trends and patterns
Understand the role of supply and demand in the economy
Evaluate the economic implications of globalization

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Non-googleable questions

We have a very high focus on the quality of questions that test for on-the-job skills. Every question is non-googleable and we have a very high bar for the level of subject matter experts we onboard to create these questions. We have crawlers to check if any of the questions are leaked online. If/ when a question gets leaked, we get an alert. We change the question for you & let you know.

How we design questions

These are just a small sample from our library of 15,000+ questions. The actual questions on this Economics Test will be non-googleable.

🧐 Question
Medium Dividends Financial Analysis Percentage and Average Calculations	Solve
Consider the following line chart which shows the money invested by a company in production each year and the sales made by the company each year. If the pie chart shows the shareholding pattern of the company and the company gives 10% of the profit as dividends to its share holders then what is the average dividend received by retail investors from 2000 to 2004?
Medium Laptop Brands Proportions and Percentages Financial Reasoning Cost Price Ratio Calculation Percentage Profit Calculation	Solve
Given below is the list of laptop brands and their details in which some data is missing. If the cost price of Dell is 3/5 of the cost price of Lenovo, then what will be the %profit of Dell?
Hard Median Trend Analysis Statistical Reasoning Median Calculation Percentage Change Calculation	Solve
Consider the following line chart which shows the sales of five different companies from 2000 to 2009. Which of the following companies has the maximum percentage increase in the median from 2000 to 2004 and 2005 to 2009.

	🧐 Question	🔧 Skill
	Medium Dividends Financial Analysis Percentage and Average Calculations	3 mins Data Interpretation	Solve
Consider the following line chart which shows the money invested by a company in production each year and the sales made by the company each year. If the pie chart shows the shareholding pattern of the company and the company gives 10% of the profit as dividends to its share holders then what is the average dividend received by retail investors from 2000 to 2004?
	Medium Laptop Brands Proportions and Percentages Financial Reasoning Cost Price Ratio Calculation Percentage Profit Calculation	2 mins Data Interpretation	Solve
Given below is the list of laptop brands and their details in which some data is missing. If the cost price of Dell is 3/5 of the cost price of Lenovo, then what will be the %profit of Dell?
	Hard Median Trend Analysis Statistical Reasoning Median Calculation Percentage Change Calculation	3 mins Data Interpretation	Solve
Consider the following line chart which shows the sales of five different companies from 2000 to 2009. Which of the following companies has the maximum percentage increase in the median from 2000 to 2004 and 2005 to 2009.

	🧐 Question	🔧 Skill	💪 Difficulty	⌛ Time
	Dividends Financial Analysis Percentage and Average Calculations	Data Interpretation	Medium	3 mins	Solve
Consider the following line chart which shows the money invested by a company in production each year and the sales made by the company each year. If the pie chart shows the shareholding pattern of the company and the company gives 10% of the profit as dividends to its share holders then what is the average dividend received by retail investors from 2000 to 2004?
	Laptop Brands Proportions and Percentages Financial Reasoning Cost Price Ratio Calculation Percentage Profit Calculation	Data Interpretation	Medium	2 mins	Solve
Given below is the list of laptop brands and their details in which some data is missing. If the cost price of Dell is 3/5 of the cost price of Lenovo, then what will be the %profit of Dell?
	Median Trend Analysis Statistical Reasoning Median Calculation Percentage Change Calculation	Data Interpretation	Hard	3 mins	Solve
Consider the following line chart which shows the sales of five different companies from 2000 to 2009. Which of the following companies has the maximum percentage increase in the median from 2000 to 2004 and 2005 to 2009.

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Why you should use Pre-employment Economics Test?

The Economics Test makes use of scenario-based questions to test for on-the-job skills as opposed to theoretical knowledge, ensuring that candidates who do well on this screening test have the relavant skills. The questions are designed to covered following on-the-job aspects:

Ability to analyze economic data and interpret trends
Knowledge of business analysis techniques and strategies
Understanding of macro-economic factors and their impact on business
Proficiency in micro-economic principles and their application
Competence in data interpretation and analysis
Familiarity with economic theories and models
Capability to conduct economic research and analyze findings
Knowledge of econometric techniques and their implementation
Expertise in conducting cost-benefit analysis
Understanding of demand and supply dynamics in the market

Once the test is sent to a candidate, the candidate receives a link in email to take the test. For each candidate, you will receive a detailed report with skills breakdown and benchmarks to shortlist the top candidates from your pool.

What topics are covered in the Economics Test?

Economics: Economics is the study of how individuals, businesses, and governments allocate resources to satisfy unlimited wants. It analyzes production, consumption, and distribution of goods and services, as well as the behavior of markets and the factors affecting them. Measuring this skill in the test helps assess a candidate's understanding of fundamental economic principles and their ability to apply economic analysis in various contexts.

Data Interpretation: Data interpretation involves analyzing and making sense of data to extract meaningful insights. It encompasses interpreting numerical data, charts, graphs, and other visual representations to identify patterns, relationships, and trends. Measuring this skill in the test is crucial as it demonstrates a candidate's ability to analyze and draw conclusions from complex economic data, an essential competency in fields such as market research, policy analysis, and financial forecasting.

Business Analysis: Business analysis is the process of evaluating an organization's operations, systems, and processes to identify areas of improvement and develop effective strategies. It involves analyzing financial statements, market trends, and industry data to assess business performance and make informed decisions. Assessing this skill in the test helps evaluate a candidate's ability to critically analyze business data, identify key performance indicators, and provide actionable insights to drive organizational growth.

Macro-economics: Macro-economics focuses on the study of economic systems at a national or global level. It examines factors such as economic growth, inflation, unemployment, fiscal and monetary policies, and international trade. Measuring this skill in the test enables recruiters to assess a candidate's understanding of macroeconomic theories and their ability to analyze the impact of macroeconomic variables on business and policy decisions.

Micro-economics: Micro-economics deals with the analysis of economic behavior at an individual or firm level. It explores topics such as supply and demand, price determination, market structures, and consumer behavior. Assessing this skill in the test allows recruiters to evaluate a candidate's understanding of microeconomic principles and their ability to apply them to real-world scenarios, including pricing strategies, market competition, and resource allocation.

Full list of covered topics

The actual topics of the questions in the final test will depend on your job description and requirements. However, here's a list of topics you can expect the questions for Economics Test to be based on.

Supply and demand

Market equilibrium

Elasticity of demand

Opportunity cost

Gross domestic product (GDP)

Inflation

Fiscal policy

Monetary policy

Unemployment

International trade

Economic growth

Price determination

Externalities

Market structures

Income distribution

Business cycles

Labor markets

Economic indicators

Utility maximization

Cost of production

Perfect competition

Monopoly

Oligopoly

Economic forecasting

Consumer behavior

Aggregate demand

Aggregate supply

Investment analysis

National income accounting

Exchange rates

Economic development

Economic systems

Economic policy

Economic inequality

International finance

Monetary theory

Economic efficiency

Capital markets

Budget deficits

Interest rates

Wage determination

Economic integration

Economic modeling

Economic reforms

Financial markets

Economic sanctions

Economic sustainability

Economic indicators

Labor productivity

Global economic crisis

Government intervention

Revenue generation

Economic stability

What roles can I use the Economics Test for?

Economist
Business Analyst
Financial Analyst
Data Analyst
Economic Researcher

How is the Economics Test customized for senior candidates?

For intermediate/ experienced candidates, we customize the assessment questions to include advanced topics and increase the difficulty level of the questions. This might include adding questions on topics like

Advanced knowledge of economic indicators and their significance
Proficiency in statistical analysis for economic data
Ability to forecast economic trends and outcomes
Capability to perform financial modeling and scenario analysis
Knowledge of international trade and its economic implications
Understanding of economic policies and their impact on businesses
Proficiency in using economic forecasting tools and software
Expertise in analyzing economic policies and recommending improvements
Capability to perform economic impact assessments
Ability to evaluate economic risks and develop mitigation strategies

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Have questions about the Economics Hiring Test?

What is the Economics Test?

The Economics Test assesses a candidate's grasp of economic principles, data interpretation, and business analysis. It is used by recruiters to evaluate expertise in macro and micro-economics for roles requiring a strong economic background.

Can I combine the Economics Test with Business Analyst IT questions?

Yes, recruiters can request a custom test with multiple skills combined. For assessing Business Analyst IT skills, check the Business Analyst IT Test.

What kind of skills are evaluated in this Economics Test?

This test evaluates economics, data interpretation, business analysis, macro-economics, and micro-economics skills. For senior roles, it also assesses the ability to forecast economic trends, financial modeling, and understanding of economic policies.

How to use the Economics Test in my hiring process?

Use this test as a pre-screening tool at the start of your recruitment. You can link it in your job post or invite candidates by email. This helps in identifying suitable candidates early.

What are the main Business Assessment Tests?

Some important Business Assessment Tests include:

Can I combine multiple skills into one custom assessment?

Yes, absolutely. Custom assessments are set up based on your job description, and will include questions on all must-have skills you specify. Here's a quick guide on how you can request a custom test.

Do you have any anti-cheating or proctoring features in place?

We have the following anti-cheating features in place:

Non-googleable questions
IP proctoring
Screen proctoring
Web proctoring
Webcam proctoring
Plagiarism detection
Secure browser
Copy paste protection

Read more about the proctoring features.

How do I interpret test scores?

The primary thing to keep in mind is that an assessment is an elimination tool, not a selection tool. A skills assessment is optimized to help you eliminate candidates who are not technically qualified for the role, it is not optimized to help you find the best candidate for the role. So the ideal way to use an assessment is to decide a threshold score (typically 55%, we help you benchmark) and invite all candidates who score above the threshold for the next rounds of interview.

What experience level can I use this test for?

Each Adaface assessment is customized to your job description/ ideal candidate persona (our subject matter experts will pick the right questions for your assessment from our library of 10000+ questions). This assessment can be customized for any experience level.

Does every candidate get the same questions?

Yes, it makes it much easier for you to compare candidates. Options for MCQ questions and the order of questions are randomized. We have anti-cheating/ proctoring features in place. In our enterprise plan, we also have the option to create multiple versions of the same assessment with questions of similar difficulty levels.

I'm a candidate. Can I try a practice test?

No. Unfortunately, we do not support practice tests at the moment. However, you can use our sample questions for practice.

What is the cost of using this test?

You can check out our pricing plans.

Can I get a free trial?

Yes, you can sign up for free and preview this test.

I just moved to a paid plan. How can I request a custom assessment?

Here is a quick guide on how to request a custom assessment on Adaface.

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