Another financial literacy test

[MichaelB]

In this thread lots of posts asking for a more challenging test. Here's one Quiz Your Economic Literacy and See How You Rank Against Your Peers

 

[2017ish]

Bah. only 95%, but [initially] disagree with the scoring (question 16). [On second thought, the government workers do benefit as well--as long as one doesn't net out the inefficiencies, the answer postulated is correct, I suppose.]

 

[pb4uski]

17 of 20 (85%). 2 of the ones I missed I second guessed myself and changed my answer from a correct answer to an incorrect answer and 1 question I misread.

 

[CardsFan]

95% here as well, though the one I got wrong was because I mis-read the question.

 

[Rosie]

20 out of 20!

I'm kind of surprised, actually.

But then, I've always been good at multiple-choice tests. Back in my HS days I won the Betty Crocker Homemaker of Tomorrow award at my school, simply because I performed best on a multi-choice test. Even back then, I thought it was hilarious that I won. And if you ever see my homemaker skilz (or lack thereof) you'd know that test was not what one would call predictive.

 

[2017ish]

Much better quiz than the other, and actually somewhat heartening results--average of 70%, with (FWIW) average stated age of 24 years old.

But what is with the gender skew 49,992 (M) to 44 (F)?? seems mighty unlikely and makes me distrust a bit...

 

[Meadbh]

95%. I got question 1 wrong. But then I don't like fast food!

 

[EastWest Gal]

I missed the first one--I guess I think of all fast food as low quality.... 18/20 here.

 

[Meadbh]

I missed the first one--I guess I think of all fast food as low quality.... 18/20 here.

See, we ex pediatricians think alike!

 

[FIREdToBeExpat]

"You answered 19 out of 20 correct for a 95%". I only got the first question wrong

 

[bubba]

Scored 95. Thanks for the link.

 

[Theseus]

Toot-Toot! Yeah, I aced it.

From the stats over the last two years, I see the average score is 70%. Apparently not the same demographics as the other test.

 

[6miths]

20 for 20. And the summary statistics do look a wee bit odd. I was one of only 24 'unemployed' people out of 60,000?

 

[golfnut]

100% here

 

[Rosie]

That first question is tricky -- I doubt many people associate fast food with high quality. That was one of the questions I asked myself "what would they want me to answer?".

 

[MRG]

20 for 20. And the summary statistics do look a wee bit odd. I was one of only 24 'unemployed' people out of 60,000?

Me too I was one of 24. Something funny with stats.
Missed 1st one too, not sure if I agree with the correct answer. Oh well.

 

[jdmorton]

95% as well. I also missed the first question.

 

[Car-Guy]

In this thread lots of posts asking for a more challenging test. Here's one Quiz Your Economic Literacy and See How You Rank Against Your Peers

This test was better. I missed the very first question but got all the others for a 95% grade. (The first one was about the number of fast food restaurants and the quality of their food.) IMO, they didn't have the right answer, which in my experience has been higher prices and lower quality.

 

[Meadbh]

This test was better. I missed the very first question but got all the others for a 95% grade. (The first one was about the quality of food at fast food restaurants.) They didn't have the right answer IMO which in my experience has been higher prices and lower quality.

That was my thought too. Perhaps auto body shops would have been a better example.

 

[Rosie]

That was my thought too. Perhaps auto body shops would have been a better example.

I agree. That's how I arrived at my answer, I figured they were asking in terms of generic providers of goods & services, rather than Arby's vs KFC.

 

[youbet]

20/20. Not a single question seemed anything other than obvious. There was a clear bias towards free market economics to keep in mind and, as always, it was important to not read anything into the questions. For example, question #1 did NOT say that an increase in the number of fast food restaurants would result in "high quality" food. It said an increase in the number of fast food restaurants would result in "higher quality" food, a relative term. And that's true. An increase in competition generally results in the competitors lowering prices and trying to increase customer satisfaction in order to maintain market share. This is true whether you're talking fast food or auto body repair.

 

[razztazz]

I got 19. Question # 1 I inferred they were talking about the economics of fast food. I got lucky on that one as some for you took a more global economic view. You are correct. It was deceptively worded.

The one I missed was #3. How much interest "banks CHARGE" would not encourage people to save more. How much interest they PAY would. Poorly worded.

 

[harley]

Bah. only 95%, but [initially] disagree with the scoring (question 16). [On second thought, the government workers do benefit as well--as long as one doesn't net out the inefficiencies, the answer postulated is correct, I suppose.]

Same here, and I agree with your first impression. Since the gov't is the business doing the (probably incredibly inefficient) producing, only it receives a benefit.

As far as the people missing number one, I think the wording was perfect. I keep telling DW (who is horrible at word problems) you have to disregard the words and look at the numbers.

So I was able to do that with fast food, but not governments. Shows where my biases lie.

 

[jim584672]

"You answered 20 out of 20 correct for a 100%."

The first question could go either way.

 

[UnrealizedPotential]

I got 17/20 for 85%.