Skip to content
PRAXISCode: 5911High School Economics📊 CEE Standards Aligned🚫 No Calculator

Praxis® Economics (5911)
Practice Test & Study Guide

Comprehensive preparation for prospective high school economics teachers — covering three content categories aligned to the Voluntary National Content Standards in Economics published by the Council for Economic Education. No calculator permitted.

110
Questions
2 hrs
Time limit
Varies
Passing score*
3
Content categories
$130
Exam fee
Start Practice Free →View Exam Blueprint
4.9 · 12,400

Start Practicing Free

No credit card. 10 questions/day free forever.

Get Free Access →See Premium Plans
Adaptive IRT-based selection
Explanation for every question
Domain-level score breakdown
Timed full-length practice mode
🚫

No calculator is permitted on this exam.The official Study Companion explicitly states: "Use of calculators is not allowed." All quantitative reasoning — including graph analysis, marginal cost/benefit calculations, elasticity coefficients, GDP computations, money multiplier calculations, and price index conversions from nominal to real values — must be performed mentally or on scratch paper. Practice working with economic formulas and graph-based reasoning without calculator assistance.

📊

Microeconomics is 45% of the exam (~49 questions) — the single largest category, covering four major subdivisions. Supply and demand, market structures (perfect competition, monopoly, oligopoly, monopolistic competition), costs and production theory, factor markets, externalities, public goods, and government regulation each represent substantial tested content. Mastery of supply/demand graph analysis, the profit-maximizing rule (MR = MC), and all four market structures is essential for strong performance.

📋

Source: All exam details are drawn from the official ETS Praxis Economics (5911) Study Companion. The test is based on the Voluntary National Content Standards in Economics (Council for Economic Education). Passing scores vary by state — always confirm at ets.org/praxis/states.

Economics (5911) — Test at a Glance

Key facts directly from the official ETS test specifications.

Test code
5911
Computer-delivered
Total questions
110
All selected-response
Time limit
2 hrs
120 minutes
Content categories
3
Fund., Micro, Macro
Calculator
Not permitted
All math by hand
Largest category
Microeconomics
45% · ~49 questions
Exam fee
$130
Paid to ETS
Passing score
Varies
Set by state/agency

About the Praxis Economics (5911)

What you need to know before you register.

The Praxis Economics (5911) is designed for candidates who want to become high school economics teachers. The test focuses on the knowledge and skills a teacher must have to successfully teach economics and measures whether entry-level educators have the relevant knowledge, skills, and abilities necessary for competent professional practice.

The test covers three major content categories: Fundamental Economic Concepts, Microeconomics, and Macroeconomics. The test is 120 minutes long and contains 110 selected-response questions — for each question, the test taker selects one answer from four choices. No calculator is permitted.

The content is based largely on the Voluntary National Content Standards in Economics, a framework designed by the Council for Economic Education (CEE) for curriculum developers and economic educators. Test specifications were last reviewed by the National Advisory Council (NAC) in 2011.

Some questions involve interpreting graphs, charts, and tables — including production possibilities curves, supply and demand diagrams, cost curves, and aggregate demand/supply models. Interactive question formats may include clicking on part of a graphic, drag-and-drop, or drop-down menu selections. Some questions may not count toward the score.

Official Exam Blueprint: 3 Content Categories

Microeconomics dominates at 45%. Macroeconomics accounts for 35%. Fundamental Economic Concepts is 20% and forms the conceptual foundation for both.

Category I
Fundamental Economic Concepts
Scarcity, choice, and opportunity costs; factors of production (land, labor, capital, entrepreneurship); marginal cost and marginal benefit analysis; production possibilities curve (opportunity cost, economic efficiency, economic growth); comparative vs. absolute advantage; specialization and gains from trade; types of economic systems (market, command, mixed, traditional); roles of individuals, businesses, and government in market economies; circular flow model; interpreting positive and negative graphs and matching tables to graphs.
20%
~22 questions
Category II
Microeconomics
Supply and demand: law of demand and supply, equilibrium, surpluses and shortages, determinants of supply and demand, effects of shifts, price elasticity of demand, consumer surplus, producer surplus, deadweight loss. Product markets: accounting vs. economic profit, short-run vs. long-run, fixed and variable costs, MC = MR profit maximization rule, market structures (perfect competition, monopoly, oligopoly, monopolistic competition), allocative efficiency, business organization forms. Factor markets: labor demand and supply, wage and employment determination. Government policy: externalities, public goods, antitrust law, taxation (progressive/proportional/regressive), Lorenz curve and Gini coefficient, regulatory agencies (FDIC, SEC).
45%
~49 questions
Category III
Macroeconomics
Economic performance: GDP definition and limitations, nominal vs. real values, types and costs of unemployment, inflation measurement and costs (CPI, GDP deflator), converting nominal to real using price indices, economic growth and its determinants, savings and investment, business cycle phases. Money and banking: functions and measures of money, how banks create money, money multiplier, Federal Reserve structure and tools of monetary policy, money supply and demand, equilibrium interest rates, financial markets and investment instruments, loanable funds market. Fiscal and monetary policy: government budget deficits/surpluses, spending and tax multipliers, aggregate demand and supply model, policy tools for recession and inflation, strengths and weaknesses of fiscal vs. monetary policy, natural rate of unemployment, Phillips curve (unemployment-inflation tradeoff). Open economy: free trade costs and benefits, tariffs, quotas and subsidies, exchange rate determination, currency appreciation/depreciation effects, trade deficits and surpluses.
35%
~39 questions

Council for Economic Education — National Standards Alignment

The 5911 is built on the Voluntary National Content Standards in Economics published by the Council for Economic Education (CEE) — the national framework defining what K–12 students should know about economics.

Standard 1–2
Scarcity & Marginal Analysis
Productive resources are limited; people choose the highest-valued option; decisions are made at the margin comparing marginal benefits and marginal costs
Standard 3–5
Allocation & Trade
Allocation of goods and services; role of incentives; voluntary exchange between buyers and sellers produces gains from trade through specialization and comparative advantage
Standard 7–8
Markets & Prices
Markets and prices coordinate economic activity; prices allocate resources across markets; competition among sellers results in lower costs and prices
Standard 9–11
Institutions & Money
Institutions evolve to help people gain from trade; money makes exchange easier; interest rates coordinate saving and borrowing
Standard 15–16
GDP & Growth
Investment in physical and human capital produces economic growth; GDP measures total market value of a nation's final output; per capita GDP reflects living standards
Standard 18–20
Monetary & Fiscal Policy
Federal Reserve controls the money supply to achieve macroeconomic goals; fiscal policy affects output, employment, and price levels; government budget deficits/surpluses affect the economy over time

Key Topics by Content Category

Specific competencies drawn directly from the official ETS Economics (5911) Study Companion test specifications.

FundamentalsFundamental Economic Concepts (Category I)~22 questions · 20%
Scarcity and choice: the meaning of scarcity of resources, goods, and services; why scarcity requires choices; all choices involve tradeoffs
Opportunity cost: the relationship between scarcity, choice, and opportunity cost; how opportunity cost is used to determine comparative advantage
Factors of production: the roles of land, labor, capital goods, and entrepreneurship in the production of goods and services
Marginal analysis: distinguishing marginal benefit from total benefit; distinguishing marginal cost from total cost; applying marginal analysis to decision-making; how changes in marginal costs or benefits affect choices
Production possibilities curve: using the PPC to illustrate opportunity costs, economic efficiency (points on the curve), economic growth (outward shift), scarcity (unattainable points), and underutilization (points inside the curve)
Absolute vs. comparative advantage: distinguishing the two; calculating comparative advantage using opportunity costs; how specialization according to comparative advantage and trade creates gains for all parties
Economic systems: main characteristics of market, command, mixed, and traditional economies; how each system answers the basic economic questions of what, how, and for whom to produce
Circular flow model: the roles of individuals (demand goods and services, supply resources), businesses (supply goods and services, demand resources), and government; using the circular flow model to trace transactions between economic sectors
Graph interpretation: understanding graphs with positive relationships (upward-sloping curves); graphs with negative relationships (downward-sloping curves); correspondence between tables of numbers and graphs; reading and interpreting economic data from graphical representations
MicroeconomicsMicroeconomics (Category II) — Supply, Demand, Markets, and Government Policy~49 questions · 45%
Supply and demand basics: law of demand and law of supply; the demand curve and the supply curve; individual vs. market demand/supply (aggregation); equilibrium price and quantity (where Qd = Qs); how equilibrium maximizes total economic surplus
Price mechanism: how surpluses and shortages arise at non-equilibrium prices; how the market responds (prices adjust to clear the market); how prices ration goods and services
Shifts in supply and demand: all determinants of supply (input prices, technology, number of sellers, expectations) and demand (income, prices of substitutes/complements, consumer preferences, expectations); analyzing how shifts affect equilibrium price and quantity
Government intervention: price ceilings (rent control): definition, purpose, effects (shortages); price floors (minimum wage): definition, purpose, effects (surpluses); taxes and subsidies — effect on producer/consumer surplus and deadweight loss; calculating consumer surplus, producer surplus, and deadweight loss from graphs
Price elasticity of demand: definition and interpretation of the PED coefficient; elastic vs. inelastic vs. unit elastic demand; determinants of elasticity (substitutes, necessity, time horizon, proportion of income); relationship between PED and total revenue (elastic: lower price → higher TR; inelastic: lower price → lower TR)
Total and marginal utility: definition of total utility and marginal utility; the law of diminishing marginal utility; consumer choice implications
Costs and production: accounting vs. economic profit; short run vs. long run; fixed vs. variable inputs; total product and marginal product; law of diminishing returns; fixed, variable, and total costs; average and marginal costs; shapes of cost curves; economies of scale and diseconomies of scale (long-run average cost curve)
Profit maximization: the MC = MR rule for choosing output to maximize profit; applying the rule across all market structures; when a firm with losses continues to produce in the short run (if revenue ≥ variable costs); shutdown condition (revenue < variable costs)
Perfect competition: characteristics (many firms, identical products, free entry/exit, price takers); firm demand curve = market price; long-run equilibrium with zero economic profit; role of economic profit/loss in entry/exit decisions
Monopoly: characteristics and sources (patents, geographic, natural monopoly); monopoly determines output where MR = MC and sets price from the demand curve; comparison with perfect competition on price, output, and allocative efficiency
Oligopoly and monopolistic competition: oligopoly characteristics (few large firms, interdependence, barriers to entry); game theory and strategic behavior (prisoner's dilemma, dominant strategies); monopolistic competition characteristics (many firms, differentiated products, low barriers to entry, long-run zero economic profit)
Factor markets: labor demand (derived from product demand; marginal revenue product); labor supply; wage and employment determination in competitive labor markets; factors that shift labor demand and supply
Externalities: positive externalities (underproduction) and negative externalities (overproduction); how government actions (taxes, subsidies, regulation) can correct market failures due to externalities
Public goods: characteristics (non-rival, non-excludable); free rider problem; why private markets underprovide public goods; role of government in providing public goods
Government policy: antitrust laws and their purpose; types of taxes (progressive, proportional, regressive) and their distributive effects; Lorenz curve and Gini coefficient as measures of income inequality; regulatory agencies (FDIC, SEC) and their roles
MacroeconomicsMacroeconomics (Category III) — GDP, Money, Policy, and Open Economy~39 questions · 35%
GDP and living standards: definition and components of GDP; shortcomings of GDP as a measure of standard of living; nominal vs. real GDP; using the GDP deflator and CPI to convert nominal to real values
Unemployment: types (frictional, structural, cyclical) and their distinctions; how the labor force and unemployment rate are defined; costs of unemployment (economic and social)
Inflation: definition; measurement using the Consumer Price Index (CPI) and GDP deflator; costs of inflation (menu costs, shoe leather costs, redistribution from lenders to borrowers, uncertainty); converting nominal to real values using a price index
Economic growth: definition of economic growth; sources of growth (investment in physical and human capital, technology, productivity); relationship between savings, investment, and economic growth
Business cycle: phases (expansion/peak, contraction/recession, trough, recovery); how real GDP and unemployment change during each phase; identifying recessionary and inflationary gaps
Aggregate demand and supply: the AD curve and its components (C + I + G + NX); factors that shift AD; short-run aggregate supply (SRAS) and its determinants; long-run aggregate supply (LRAS) and its determinants; equilibrium output and price level where SRAS intersects AD; how the economy self-corrects to long-run equilibrium
Money and banking: functions of money (medium of exchange, unit of account, store of value) and measures (M1, M2); how banks create money through fractional reserve banking; the money multiplier (1/reserve requirement)
Federal Reserve: structure of the Federal Reserve System; tools of monetary policy (open market operations, reserve requirement, discount rate, interest on reserves); how the Fed expands or contracts the money supply; relationship between money supply and the interest rate
Money market model: money supply and money demand; determinants of money demand (income and interest rates); equilibrium interest rate; how changes in money supply or demand affect interest rates; inverse relationship between interest rates and bond prices
Financial markets: function of financial markets in connecting savers and investors; basic categories of financial assets (stocks, bonds, money market funds); loanable funds market and the determination of the equilibrium real interest rate
Fiscal policy: government budget surpluses and deficits and their relationship to national debt; spending multiplier and tax multiplier; how the marginal propensity to consume (MPC) affects multiplier values; fiscal policy tools to address recession (expansionary) and inflation (contractionary); strengths and weaknesses of fiscal policy (time lags, crowding out)
Monetary policy: tools and goals; how monetary policy affects AD in the short and long run; strengths and weaknesses vs. fiscal policy; natural rate of unemployment and full employment; the tradeoff between unemployment and inflation in the short run and long run (Phillips curve)
Open economy: costs and benefits of free international trade; effects of tariffs, quotas, and subsidies on domestic producers, consumers, and foreign trade; exchange rate determination; why currency appreciates or depreciates; effects of appreciation/depreciation on exports, imports, and trade balance; relationship between trade deficits/surpluses and capital flows

Registration, Test Day & Scoring

Everything you need to know before and on exam day.

Registration

Where to registerpraxis.ets.org
Exam fee$130
Testing formatsIn-person or remote
ID required2 forms of valid ID
Arrive (in-person)30 min early

Scoring

Score typeScaled score
Wrong answer penaltyNone
Passing scoreVaries by state
Results available~5 weeks post-test
State requirementsets.org/praxis/states

Test Day

CalculatorNot permitted
Scratch paperProvided at station
Questions per choice4 answer choices each
Graph questionsIncluded (click on graphic)

Remote Testing

Browser requiredETS Secure Test Browser
DeviceLaptop or desktop only
Equipment neededWebcam, mic, speakers
Proctor typeLive remote proctor

Passing Score Requirements by State

Passing scores are set individually by each state or licensing agency.

Important: Passing score requirements for the Economics (5911) are set individually by each state or licensing agency. A score that meets requirements in one state may not meet requirements in another. Always verify the exact passing score for your state at ets.org/praxis/states before registering.

Your raw score (number of correct answers) is converted to a scaled score that accounts for minor difficulty differences between test editions. There is no penalty for incorrect answers — always answer every question. Some questions are unscored pretest items that you cannot identify, so treat every question equally.

How to Prepare for the Praxis Economics Exam

Strategies for an exam that tests mastery of economic theory, graph analysis, and quantitative reasoning — all without a calculator.

  • Microeconomics (45%) is nearly half the exam — master supply-demand analysis and the four market structures first. With approximately 49 questions, Category II is the dominant focus. Core microeconomics concepts tested most heavily include: supply/demand graph analysis (shifts, equilibrium changes, consumer/producer surplus, deadweight loss), all four cost curves (MC, ATC, AVC, AFC) and their shapes, the MC = MR profit-maximizing rule applied across all market structures, and the comparative analysis of perfect competition vs. monopoly vs. oligopoly vs. monopolistic competition. These topics alone likely account for half of the microeconomics questions.
  • Practice calculating consumer surplus, producer surplus, and deadweight loss from supply-demand graphs without a calculator. The official Study Companion explicitly tests: “knows how to define and calculate the consumer surplus, producer surplus, and deadweight loss.” These are typically calculated as triangles from supply-demand diagrams. Practice finding the area of these triangles using the base × height ÷ 2 formula using simple whole numbers — the exam avoids calculations that require decimal precision but does test the ability to read and reason from graphs.
  • Know the money multiplier, spending multiplier, and tax multiplier — and be able to apply them. Macroeconomics (35%, ~39 questions) tests whether you can calculate the money multiplier (1 ÷ reserve requirement), the spending multiplier (1 ÷ [1 − MPC] = 1 ÷ MPS), and the tax multiplier (−MPC ÷ MPS), and apply them to determine the total change in money supply or GDP from an initial deposit or government spending change. These calculations use simple fractions and can be performed mentally for standard MPC values (e.g., 0.8, 0.75, 0.5).
  • Master the AD-AS model thoroughly — it is the central framework of the macroeconomics section. The aggregate demand and aggregate supply model underlies a large portion of Category III questions: identifying recessionary gaps (actual output below potential) and inflationary gaps (actual output above potential), determining the appropriate fiscal or monetary policy response, predicting the short-run and long-run effects of demand and supply shocks, and understanding how the economy self-corrects to long-run equilibrium in the absence of policy. Be able to draw and interpret all three curves (AD, SRAS, LRAS) and trace the effects of shifts.
  • Know the effects of tariffs, quotas, and subsidies on domestic consumers and producers — and exchange rate effects on trade. The International Economics section of Macroeconomics (Category III-D) tests real-world applications: how a tariff affects domestic price, quantity produced domestically, quantity imported, consumer surplus, and producer surplus; how a quota creates similar effects; how currency appreciation affects exports and imports; and how trade deficits and surpluses relate to capital flows. These topics are regularly tested in the context of scenario-based questions.
  • Download the official ETS Study Companion and work through all 10 sample questions with explanations. The Study Companion contains 10 authentic sample questions covering all three content categories — including a production possibilities curve graph question, a supply/demand equilibrium question, a price elasticity question, and macroeconomic policy questions — with full explanations of both correct and incorrect answers. These are the closest you can get to actual exam questions. The companion also provides comprehensive study topics on pages 32–39 organized by each content category subdivision.

Frequently Asked Questions

Answers sourced directly from the official ETS Praxis Economics (5911) Study Companion.

How many questions are on the Praxis Economics (5911)?
The exam contains 110 selected-response questions with a 2-hour time limit. For each question, you select one answer from four choices. Questions span three categories: Microeconomics (45%, ~49 questions), Macroeconomics (35%, ~39 questions), and Fundamental Economic Concepts (20%, ~22 questions). No calculator is permitted.
Is a calculator allowed on the Praxis Economics (5911)?
No. The official Study Companion states: “Use of calculators is not allowed.” All calculations — including elasticity coefficients, multipliers, price index conversions, and surplus/deadweight-loss computations — must be performed mentally or on scratch paper provided at the test center.
What are the three content categories on the Praxis Economics (5911)?
Three categories: I. Fundamental Economic Concepts (20%, ~22 questions) — scarcity, PPC, comparative advantage, economic systems, circular flow model; II. Microeconomics (45%, ~49 questions) — supply and demand, market structures, costs, factor markets, externalities, public goods, government policy; III. Macroeconomics (35%, ~39 questions) — GDP, unemployment, inflation, AD-AS, money and banking, Federal Reserve, fiscal and monetary policy, open economy.
What standards is the Praxis Economics (5911) based on?
The test content is based largely on the Voluntary National Content Standards in Economics, a framework designed by the Council for Economic Education (CEE) for curriculum developers and economic educators. Test specifications were last updated by the National Advisory Council (NAC) in 2011.
What is the Praxis Economics (5911) designed for?
The test is designed for candidates who want to become high school economics teachers. It focuses on the knowledge and skills a teacher must have to successfully teach economics and measures whether entry-level educators have the knowledge, skills, and abilities necessary for competent professional practice.
Are there graph-based questions on the Praxis Economics (5911)?
Yes. Questions regularly involve interpreting economic graphs — including production possibilities curves, supply and demand diagrams, cost curves (MC, ATC, AVC), aggregate demand/supply models, and Lorenz curves. Some questions may ask you to click on part of a graphic, use drag-and-drop, or select from a drop-down menu as part of the computer-delivered format.
What is the passing score for the Praxis Economics (5911)?
Passing scores vary by state or licensing agency. Always verify the specific requirement for your state at ets.org/praxis/states before registering.
Is there a penalty for wrong answers on the Praxis Economics (5911)?
No. Your score is based solely on correct answers — there is no penalty for wrong answers. Always answer every question, even if you need to guess. Never leave a question blank.

Ready to Start Practicing?

Adaptive practice questions covering all three content categories — Fundamental Economic Concepts, Microeconomics, and Macroeconomics — aligned to CEE national standards. Domain-level analytics so you know exactly where to focus.

Get Free Access — No Credit Card Needed
Sources: ETS Praxis Economics (5911) Study Companion (official PDF, praxis.ets.org); ETS official test page for 5911; Voluntary National Content Standards in Economics (Council for Economic Education, cee.net); ETS Praxis fee schedule 2025–26. Praxis® is a registered trademark of Educational Testing Service (ETS). This site is not affiliated with or endorsed by ETS or CEE. Passing score requirements vary by state — always verify at ets.org/praxis/states.
Last Updated: May 10, 2026