Recently I posted about an Economics Literacy Test. The Minneapolis Federal Reserve conducted a survey and asked people to answer 13 economic questions. Those 404 people didn’t do so well.
While I took the test I wondered who would do well and who would do so well. It occurred to me that some people will do better just because they want the answer to be something other than what it is. For example, if asked, I suspect a vast majority of Liberals would say that the oil companies make too much profit. Indeed, the oil companies rank 114 out of 215 industries in profits. Hardly gouging, huh?
Then I was reminded of a post I blogged here about a year ago. It described who did well and who did poorly on questions of economics:
Best to worst, with an average number of incorrect responses from 0 to 8:
Very conservative, 1.30
Progressive/very liberal, 5.26.
Not so good if you are Liberal.