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GACE Economics (538 (038/039)) Practice Tests & Test Prep by Exam Edge


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Are you ready for advancement? The GACE Economics exam, administered by one of the most respected qualifying organizations in the field, is a pivotal opportunity to demonstrate your knowledge and skills. Set yourself up for exam success with practice tests from Exam Edge.

Our GACE Economics practice tests are designed to help you master both the subject matter and the art of test-taking. Created to mimic the length, difficulty, and feel of the real exam, our tests feature:

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Pass Your GACE Economics Certification Exam with Exam Edge

Are you nervous about your upcoming GACE Economics certification exam? Look no further, Exam Edge is here to help you achieve your goal! Our world-class online practice certification tests are designed to provide you with the knowledge and confidence you need to pass your GACE Economics exam on your first try!

Key Facts on Exam Edge's online practice tests for your GACE Economics Exam.

  • 5 Online Practice Exams: With Exam Edge, you'll have access to 5 practice tests available, each with 100 questions, to help you thoroughly prepare for your GACE Economics (538 (038/039)) exam.
  • Instant Access: Get started right away with instant access to your online practice exams. No waiting or software installation required!
  • Detailed Explanations: Each question is accompanied by a detailed explanation, so you'll fully understand the reasoning behind the correct answer and improve your knowledge.
  • Take Each Exam 4 Times: You can take each of our practice exams up to 4 times, giving you plenty of opportunities to review and master the material.
  • Web-Based: Our practice tests are available 24/7 at your convenience, and because they are web-based, there is no software to install.
  • Psychological advantage: Exam Edge practice tests will allow you to walk into your test day with confidence.

Exam Edge practice tests are a valuable tool for helping you prepare for the Georgia Assessments for the Certification of Educators (538 (038/039)) certification exam. The practice tests provide a realistic simulation of the actual exam, allowing you to become familiar with the format, style, and types of questions you will encounter on the actual test. Certification exams don't just measure what you know -- they are also a test of how well you perform under pressure. The right type of test preparation helps you familiarize yourself not only with the material you're being tested on, but also the format of the test, so you feel less anxiety on test day.

GACE Economics - General Exam Info Sample Questions

A situation where real GDP is less than potential GDP, and unemployment is greater than the natural rate of unemployment is known as which of the following?





Correct Answer:
recessionary gap
a recessionary gap occurs when the economy's real gross domestic product (gdp) falls below its potential gdp. this scenario is indicative of underutilized resources and lower than ideal economic output. the term "real gdp" refers to the total value of all goods and services produced by an economy, adjusted for inflation, which gives a more accurate measure of an economy's true size and growth rate. on the other hand, "potential gdp" is an estimate of what the economy would produce if its resources—such as labor and capital—were employed at their highest and most efficient levels.

the natural rate of unemployment is the level of unemployment that exists when the economy is at its potential gdp. it includes frictional and structural unemployment but excludes cyclical unemployment, which is linked to economic downturns. when actual unemployment exceeds the natural rate, it suggests that cyclical unemployment is occurring due to reduced demand for goods and services. this is a key characteristic of a recessionary gap.

in practical terms, a recessionary gap is often visible through increased unemployment rates, reduced consumer spending, and lower industrial production and capacity utilization. businesses may produce less than their capacity, and workers may be laid off or work fewer hours, all of which contribute to a slowdown in economic activity.

economic policies, particularly those related to fiscal and monetary measures, are often employed to address a recessionary gap. for instance, governments may increase spending or cut taxes to boost demand (fiscal policy), while central banks might lower interest rates to encourage borrowing and investing (monetary policy). the goal of these policies is to increase overall demand and bring the economy's output closer to its potential, thereby closing the recessionary gap.

in summary, a recessionary gap is a significant indicator of economic health, reflecting a period where an economy operates below its optimal level of output and employment. it is a critical concept in macroeconomics, helping policymakers and economists to analyze economic conditions and formulate strategies for economic recovery and growth.

Sometimes the government intervenes in a market to ensure that the price stays below the market equilibrium price. This type of policy is called a:





Correct Answer:
price ceiling


the correct answer is "price ceiling."

a price ceiling is a government-imposed limit on how high a price can be charged on a product or service. governments typically set price ceilings to protect consumers from conditions that could make essential goods and services prohibitively expensive. this intervention ensures that these goods and services remain affordable for all segments of the population.

for example, during periods of rapid inflation or shortages, without price ceilings, the cost of basic necessities like food, housing, and healthcare could skyrocket, putting these essentials out of reach for lower-income consumers. by implementing a price ceiling, the government prevents sellers from charging more than a predetermined maximum price, regardless of the dynamics of supply and demand.

the primary intention behind setting a price ceiling is to ensure that even during times of economic stress, basic commodities remain accessible. however, while price ceilings can prevent price gouging during crises, they can also lead to shortages if the price set is too low. this can discourage producers from manufacturing a product, leading to decreased supply and, paradoxically, reduced access to the very goods intended to be made more accessible.

some common examples of price ceilings include controls on rent (rent control laws in urban areas to keep housing affordable), caps on the prices of essential drugs, and limits on utility rates such as electricity and water. each of these instances reflects the government's role in balancing affordability with market forces.


GACE Economics (538 (038/039)) Exam Prep

Our comprehensive GACE Economics practice tests are designed to mimic the actual exam. You will gain an understanding of the types of questions and information you will encounter when you take your Georgia Assessments for the Certification of Educators Certification Exam. Our GACE Economics Practice Tests allow you to review your answers and identify areas of improvement so you will be fully prepared for the upcoming exam and walk out of the test feeling confident in your results.

How to Prepare for the GACE Economics Exam

So, you've decided to pursue your GACE Economics certification. Not sure what comes next? Follow these steps to register for the exam, craft an effective study plan, and go into test day feeling confident.

Step 1: Check Eligibility and Apply for GACE Economics

Start by researching the testing agency or credentialing organization and the different exams they offer for your field. Before you register for your exam, make sure that the GACE Economics exam is the right match for your education, experience, and career goals.

Then, check whether you meet the requirements for taking the GACE Economics exam. You can find eligibility information on the Georgia Assessments for the Certification of Educators website: Georgia Assessments for the Certification of Educators (GACE). Once you have determined that you meet the qualifications or have completed the appropriate prerequisites, you can register with the organization and apply to take the GACE Economics exam.

Step 2: Schedule the GACE Economics

Once you have registered, you are ready to schedule your exam! The GACE Economics exam is offered at various times throughout the year and at various locations across the United States. You can use the Georgia Assessments for the Certification of Educators website to find a testing center near you and choose a date and time that suits your availability.

When you schedule your GACE Economics exam, consider how much time you want to study and prepare. Choose a test date that gives you plenty of time to create a study plan, thoroughly review the material, and take several practice tests so that you can go into test day feeling confident and ready. Be sure to schedule your exam well in advance to secure your preferred date and time.

Step 3: Study and Practice for the GACE Economics

After you schedule your test day, dive into your GACE Economics study plan! Before you crack open a book or start reviewing exam flashcards, take a timed practice test to get a raw baseline of your readiness. As you continue your exam prep, take regular practice tests to track your progress.

Exam Edge practice tests for the GACE Economics exam offer test-takers key benefits, like helping you identify areas where you need further study and practice. These insights into your test performance will empower you to focus your test prep efforts and prioritize the content areas or skills. This can help you use your study time more effectively and make the most of your efforts before you take the actual exam

Practice tests can also help you to develop your test-taking skills. When you take frequent practice exams, you become more familiar with the format of the GACE Economics exam and learn how to pace yourself throughout it. You will also learn how to approach different types of questions and how to eliminate incorrect answers.

Ultimately, Exam Edge practice tests can help you build your confidence and reduce test-taking anxiety as you become a more comfortable and strategic test-taker. Incorporate GACE Economics practice exams into your study plan to set yourself up for success on test day

Check out our resources to learn more about GACE Economics test prep and practice tests.

Step 4: Take the GACE Economics

On the day of the exam, arrive at the test center early to allow plenty of time to check in and get settled at your testing station. You will need to bring at least one valid, government-issued ID with you. Check on the Georgia Assessments for the Certification of Educators (GACE) website for other requirements, like:

  • Additional forms of identification
  • Required materials or supplies
  • Other recommended or permitted items, such as water or snacks
  • Prohibited items
The website will also include important information about procedures for check-in, security, and breaks, if applicable.

Once you are settled in your seat or at your testing station, take a moment to center yourself and visualize how to ace the GACE Economics exam. Your diligent studying and use of practice tests have prepared you to tackle the exam with confidence. Trust yourself and your exam prep, pace yourself as you have practiced, and have fun showing off what you know!

GACE Economics Exam Prep

Practice tests are a valuable tool for helping you prepare for the GACE Economics exam. At Exam Edge, we focus on making our clients' career dreams come true by offering world-class practice tests designed to cover the same topics and content areas tested on the actual GACE Economics. Our practice tests provide a realistic simulation of the actual exam, allowing you to become familiar with the format, style, and types of questions you will encounter on the actual test.

Location Information and Website

For more information on scheduling the Georgia Assessments for the Certification of Educators exam, visit our Georgia Assessments for the Certification of Educators (GACE) information page.


GACE Economics Aliases Test Name

Here is a list of alternative names used for this exam.

  • GACE Economics
  • GACE Economics test
  • GACE Economics Certification Test
  • GACE
  • GACE 538 (038/039)
  • 538 (038/039) test
  • GACE Economics (538 (038/039))
  • Economics certification