Welcome to English Corner
This is part of the English-language corner of the website - a space with different formats of English-language economics content: terms and articles, vocabulary trainers, tests, and materials for the international ("межнар") track. Below there is an economics multiple-choice test, format used in international olympiads.
About this economics test
This test is adapted from the International Economics Olympiad (IEO), Finance & Economics MCQ section - a set of multiple-choice questions covering different aspects of economic theory and its real-world application. The IEO is the world's largest annual economics and finance competition for high school students, held in a different host country each year, and one of the recognized international ("межнар") tracks that students who succeed at the All-Russian Olympiad in Economics can go on to compete in.
This particular test checks how well you know core economic concepts — supply and demand, market structures, fiscal and monetary policy, international trade — and, more importantly, whether you can apply them to concrete, sometimes unusual scenarios rather than just recall a definition. Unlike the open-question format, each question here has one correct answer, but distractors are built to catch common misconceptions, so read every option carefully before choosing.
Work through the questions at your own pace. If you get one wrong, check the explanation before moving on — the goal is to understand why an answer is correct, not just to get the score.