About the test
The Economics test assesses knowledge and understanding of how economies work, including the production, distribution, and consumption of goods and services.
The assessment includes solving work-sample tasks, such as:
- Analyzing the interactions and decision-making of individuals and firms in the marketplace.
- Evaluating the impact of government policies on national markets and the economy as a whole.
- Calculating the price of a product to maximize profit or revenues.
Good economists, management consultants, and investment analysts need to have a command of both microeconomics and macroeconomics in order to provide insights and advice about the effects of economic change, and the opportunities and risks offered by such changes.
Sample public questions
Ariana is producing organic blueberry jam from her small garden. Producing the first jar is expensive ($8.00) because she needs time to get set up. With every additional jar of jam, the cost decreases, all the way to $2.00 for the 7th-11th jars. But if she wants to produce more than 11 jars, Ariana needs to invest more money into organic fertilizer, which in turn increases the cost of jars after the 11th. She has never succeeded in producing more than 25 jars in total. Ariana tracked the estimated cost of every jar she has produced:
A merchant offers to pay $5.10 per jar for as many jars as Ariana can produce.
For this price, how many jars should she produce in order to maximize her profit?
A wholesale tuna market is obtaining tuna from both domestic and foreign suppliers. Pricing is set based on supply and local demand.
Which events would trigger an increase in the amount, measured in tons, of tuna being traded at the market?
The housing market is overheating, labor unions are protesting against sky-high house prices, the central bank is worried that further increases in household mortgage debt threaten the nation’s financial stability, and politicians are being pressured to help their electoral bases.
Which measures should work in favor of lowering the sale prices of houses?
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Skills and topics tested
- Economies of Scale
- Marginal Cost
- Interest Rate
- Monetary Policy
- Price Elasticity
- Supply and Demand
For job roles
- Financial Analyst
- Investment Analyst
- Management Consultant
- Risk Analyst
Sample candidate report
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Jan Opperman, Grindrod Bank
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