Why you should use 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

Economics Test

Q: What topics are covered in the Economics Test?

Economics Data Interpretation Business Analysis Macro-economics Micro-economics

About the 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
Business Analysis
Micro-economics

Data Interpretation
Macro-economics

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9 reasons why

Adaface Economics Assessment Test is the most accurate way to shortlist Economists

Reason #1

Tests for on-the-job skills

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

Reason #2

No trick questions

Traditional assessment tools use trick questions and puzzles for the screening, which creates a lot of frustration among candidates about having to go through irrelevant screening assessments.

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The main reason we started Adaface is that traditional pre-employment assessment platforms are not a fair way for companies to evaluate candidates. At Adaface, our mission is to help companies find great candidates by assessing on-the-job skills required for a role.

Why we started Adaface

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Reason #3

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 10,000+ questions. The actual questions on this Economics Test will be non-googleable.

🧐 Question
Medium Dividends Financial Analysis Percentage and Average Calculations	Try practice test
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	Try practice test
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	Try practice test
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	Try practice test
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	2 mins Data Interpretation	Try practice test
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	3 mins Data Interpretation	Try practice test
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	Try practice test
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	Data Interpretation	Medium	2 mins	Try practice test
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	Data Interpretation	Hard	3 mins	Try practice test
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.

Reason #4

1200+ customers in 75 countries

With Adaface, we were able to optimise our initial screening process by upwards of 75%, freeing up precious time for both hiring managers and our talent acquisition team alike!

Brandon Lee, Head of People, Love, Bonito

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Reason #5

Designed for elimination, not selection

The most important thing while implementing the pre-employment Economics Test in your hiring process is that it is an elimination tool, not a selection tool. In other words: you want to use the test to eliminate the candidates who do poorly on the test, not to select the candidates who come out at the top. While they are super valuable, pre-employment tests do not paint the entire picture of a candidate’s abilities, knowledge, and motivations. Multiple easy questions are more predictive of a candidate's ability than fewer hard questions. Harder questions are often "trick" based questions, which do not provide any meaningful signal about the candidate's skillset.

Science behind Adaface tests

Reason #6

1 click candidate invites

Email invites: You can send candidates an email invite to the Economics Test from your dashboard by entering their email address.

Public link: You can create a public link for each test that you can share with candidates.

API or integrations: You can invite candidates directly from your ATS by using our pre-built integrations with popular ATS systems or building a custom integration with your in-house ATS.

Reason #7

Detailed scorecards & benchmarks

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Reason #8

High completion rate

Adaface tests are conversational, low-stress, and take just 25-40 mins to complete.

This is why Adaface has the highest test-completion rate (86%), which is more than 2x better than traditional assessments.

Reason #9

Advanced Proctoring

Learn more

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About the Economics Online Test

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

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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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The hiring managers felt that through the technical questions that they asked during the panel interviews, they were able to tell which candidates had better scores, and differentiated with those who did not score as well. They are highly satisfied with the quality of candidates shortlisted with the Adaface screening.

85%

reduction in screening time

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Economics Hiring Test FAQs

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.