FBLA Economics practice test
Economics covers microeconomics and macroeconomics: supply and demand, market structures, national income, inflation, and fiscal and monetary policy.
Topics on the FBLA Economics test
- Scarcity, opportunity cost, and economic systems
- Supply, demand, and elasticity
- Market structures and competition
- GDP, unemployment, and inflation
- Money, banking, and the Federal Reserve
- Fiscal policy, monetary policy, and trade
Free FBLA Economics practice questions and answers
Try each question before opening the answer. Every AI practice test explains its answers the same way.
Question 1
The price of a good rises slightly and consumers buy much less of it. Demand for the good is:
- APerfectly inelastic
- BInelastic
- CElastic
- DUnit elastic
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Answer: C. Elastic
When quantity demanded changes by a larger percentage than price, demand is elastic.
Question 2
Which Federal Reserve action is most likely to reduce inflation?
- ALowering the federal funds rate target
- BBuying government bonds
- CRaising the federal funds rate target
- DLowering reserve requirements
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Answer: C. Raising the federal funds rate target
Higher interest rates make borrowing more expensive, slowing spending and easing upward pressure on prices. The other choices expand the money supply.
Question 3
The value of the next best alternative you give up when making a choice is called:
- ASunk cost
- BOpportunity cost
- CMarginal revenue
- DComparative advantage
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Answer: B. Opportunity cost
Opportunity cost is the real cost of any decision: what you could have had instead.
How to study for FBLA Economics
Practice sketching supply and demand shifts quickly, and know which tools belong to fiscal policy (taxes and spending) versus monetary policy (interest rates and open market operations).
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Start practicing freeFBLA Economics FAQ
How many questions are on the FBLA Economics test?
Economics is an objective test event. Under the current guidelines, FBLA objective tests are typically 100 multiple-choice questions in 50 minutes. Check the official FBLA competitive event guidelines for your season and conference.
What topics are on the FBLA Economics test?
Expect questions on scarcity, opportunity cost, and economic systems; supply, demand, and elasticity; market structures and competition; gDP, unemployment, and inflation; money, banking, and the Federal Reserve; and fiscal policy, monetary policy, and trade.
Are these official FBLA Economics questions?
No. The sample questions are original and written in the style of FBLA objective tests. TierOne is an independent study aid and is not affiliated with FBLA.