In August 2007, the results of the first nationwide high school economics graduation tests were released. (Download the report [pdf].) It appears that the results were better than expected, but let's not celebrate too quickly: The results were that 42% of students rated "Proficient" and 3% "Advanced". And only 52% of the students could answer this multiple-choice question correctly:
What happens to most of the money deposited in checking accounts at a commercial bank?
- It is used to pay the bank's expenses.
- It is loaned to other bank customers.
- It is kept in the bank's vault until depositors withdraw the funds.
- It is paid to owners of the bank as return on their investment.
I guess 48% of the students have never seen It's a Wonderful Life.