1. Understanding USAEO Format, Scoring, and Strategy

Economics Scoring — Quiz

Test your understanding of economics scoring with 5 practice questions.

Practice Questions

Question 1

In the USA Economics Olympiad (USAEO) scoring system, how is the 110-point economics component typically divided between multiple-choice questions (MCQs) and open-response questions?

Question 2

Which of the following best describes how partial credit is awarded in the USAEO economics open-response section?

Question 3

Suppose an open-response question in the USAEO requires the calculation of the equilibrium price and quantity in a competitive market. The correct equilibrium price is $10 and the equilibrium quantity is 50 units. A student’s final answer is a price of $9.50 and a quantity of 52 units. How would this likely be scored under the USAEO economics scoring guidelines?

Question 4

Consider a USAEO multiple-choice question that asks which policy would reduce inflation in a demand-pull inflation scenario. The correct answer is to increase interest rates. A student selects the option to decrease government spending. How is this answer likely to be scored?

Question 5

In a USAEO open-response question, a student is asked to calculate the consumer surplus in a market where the demand function is $Q_d = 100 - 2P$ and the supply function is $Q_s = 4P$. The student correctly finds the equilibrium price as $P = 20$. How should they proceed to calculate the consumer surplus?