Econ 101, Hey! High Schoolers Do Pretty Well on Biz-Econ Assessment

Headline and sub-headline in today's OpinionJournal.com:

The Kids Are All Right
Economic literacy test: High school seniors beat Congress.

Excerpts (bold is mine):

Since its founding in 1969, the NAEP has become something of an annual exercise in American educational masochism. Last year, only 54% of students met NAEP's "basic" standard--the equivalent of a passing grade--on the science test. The previous year tested history; a mere 47% passed. But when knowledge of economics was tested this year, well, let's just say the supply curve shifted. NAEP reported this week that 79% of twelfth graders passed this first-ever national economics test. Holy Hayek.

..... The depth of knowledge shown by ordinary seniors suggests that they have been able to absorb basic economic truths from their daily experiences. Now, if this wisdom can only survive four years of instruction by your average college faculty.

It also helps that the high schoolers are too young to have much exposure to, or interest in, the economic pablum and partisan distortion regularly disseminated on the evening newscasts, on most cable TV shows, and by egghead economic and business reporters at outfits like the Associated Press (two of many examples here and here) and MarketWatch ("best" examples here and here).

Some of the questions on the assessment are here.

Cross-posted at BizzyBlog.com.