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Dollars and sense

Here are sample questions and answers from the ``Test of Economic Literacy'' taken by more than 8,000 high school students in 33 states. Included are the percentage of students correctly answering each question. 1. Of the following, which is the most general cause of low individual incomes in the United States?

(a) Lack of valuable productive services to sell

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(b) Discrimination against nonunion workers

(c) Unwillingness to work

(d) Progressive tax rates

Answer: (a); 29% answered correctly

2. Which one of the following groups typically is hurt the most by unexpected inflation?

(a) Manufacturers

(b) Bondholders

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(c) Borrowers

(d) Farmers

Answer: (b); 17% answered correctly

3. Joining a union and electing representatives to negotiate with the employer is referred to as

(a) a closed shop

(b) the seniority system

(c) collective bargaining

(d) right to work legislation

Answer: (c); 60% answered correctly

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