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The Praxis II Economics 5911 Examination Overview
If you are an economics graduate and want to seek a job in the educational sector, you will have to take and pass the Praxis II Economics (5911) Exam in order for you to be able to teach in high schools. The test focuses on the knowledge and skills a teacher must possess for a successful teaching-learning experience. The Economic exam measures whether entry-level educators have the relevant knowledge, skills, and abilities necessary for competent professional practice. The exam runs for 2 hours wherein candidates are required to finish 110 multiple-choice questions.
The coverage of the test is all about the three major content categories: fundamental economic concepts, microeconomics, and macroeconomics.
Fundamental Economic Concepts
Key Pointers About The Economics 5911 Examination
The first sector comprises 20% of the exam and has an approximate number of 22 questions wherein it focuses about the concept of scarcity, choice, opportunity costs, capital goods, entrepreneurship, production of goods and services, marginal cost and marginal benefits, trade, division of labor, and economic systems.
Supply and Demand (Microeconomics)
This is the second segment of the Praxis II Economics (5911) Exam which has an estimated number of 49 questions and has got the highest percentage of the overall examination having 45% contents that requires a prospect teacher to gain knowledge and understanding on the following topics: definition of market; role of incentives; law of demand; difference between individual and market demand, and firm and market supply; interaction of demand and supply in determining equilibrium price and quantity; price guide resource allocation and rations goods and services; determinants of demand and supply; determinants of price elasticity and its effects on the relationship between changes in price and revenue; and utility, marginal utility, and the law of diminishing marginal utility.
Product Market (Microeconomics)
Economic teachers must have the understanding on the relationship among revenues, costs, and economic profits as this would help their students gain understanding about the concepts of economic profit. Relationship between inputs and outputs and the law of diminishing returns also needs to be considered as this will give students the idea of the law of diminishing returns. Other topics that are on great relevance are economies of scale, diseconomies of scale, characteristics, sources and models of monopoly, oligopoly and the different forms of business organization.
Factor Markets (Microeconomics)
The understanding of wage and employment is highly essential for students to know the demand curve for labor, gain understanding between the wage rate and the quantity of labor supplied and many other concepts about wages and labor that will be of great help for some students that may have been working already or for their future once they will become professionals.
Government Policy and Regulation of Markets
The last part of the second segment of the exam assesses the candidates’ knowledge on their understanding about the problems posed by externalities and goods, how antitrust laws are used to promote a competitive market environment, the different types of taxes, and the roles of regulatory agencies in overseeing the activities of financial markets.
Economic Performance and Fluctuations (Macroeconomics)
The fragment of the exam that comprises the remaining 35% has an approximate number of 39 items that are all focused and centered on the topics about the definition and meaning of GDP, distinction between nominal and real values, wages, interest rates, costs of inflation, price index, determinants of economic growth, investments, savings, economic growth, characteristics and phases of the business cycle, demand curve, and the determinants of short-run and long-run aggregate supply.
Money and Banking and the Federal Reserve System (Macroeconomics)
This part of the exam is all about money and the Federal Reserve System– its functions and as well as the structure of the Federal Reserve System, the monetary policy, the determinants for the demand of money, the functions of financial markets and the basic categories of investment instruments, a basic understanding of how to use the money-supply-and-demand model in determining the equilibrium interest rate.
Fiscal and Monetary Policies (Macroeconomics)
Definitions of Government budget surpluses and deficits and their relationship to debt is focus of this topic. In order for Economics teachers to be able to effective teach this topic they must have an comprehension on the tools of fiscal and monetary policy actions that affect aggregate supply and demand.
Macroeconomics of the Open Economy (Macroeconomics)
The last section of the second part tests if the candidates have the knowledge and understanding of comparative advantage and gains from international trade, effects of government policies on domestic and international markets and the equilibrium exchange rate and the effects of currency appreciation or depreciation on exports and imports.
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