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Foreign Service Officer Test (FSOT) Review: Economics
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Economics: This knowledge area encompasses an understanding of basic economic principles, as well as a general understanding of economic issues and the economic system of the United States.

Foreign Service Officer Test (FSOT) Review: Economics
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25 Questions

1. Shutdown Point

2. Federal Open Market Committee (FOMC)

3. Credible threat

4. liquidity approach

5. retaliation?

6. Inefficient point

7. Compensating wage differential

8. Transfer payments

9. The Formula for Price Elasticity of Demand

10. Discount window lending

11. Passive Deficit

12. On a straight-line demand curve, elasticity decreases as the price __ and the quantity _______ increases.

13. Traditional Economy

14. Variable profit

15. Economic Cost

16. Competition

17. Why would a company in the US change from labor intensive processes to capital-intensive processes?

18. What happens if the fed interest rate goes too low?

19. Sunk cost

20. Nominal Value

21. Commitment device

22. Depression

23. Economies of Scope

24. monopolistic advantage theory?

25. Demand tends to become more or less elastic over time?

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