Financial Literacy Test

I’ve been studying (a bit too long, to be honest) for the GRE and the LSAT (just in case…) over the past little while and as a result I have been more focused on testing and the logic behind it. I recently came across a financial literacy test (h/t Alex Tabarrok) that I think is worth taking.

After Warren’s trick question is the ‘comments’ threads, I was a little bit worried that my reasoning skills had abated but fortunately I got five out of five on the short test (and I’ve never even wanted to deal with mortgages!).

How’d you do?

4 thoughts on “Financial Literacy Test

    • Yeah I was surprised at how easy I thought it was, especially once I saw the national average and the state averages.

      Yet another positive externality of the Ron Paul presidential campaigns is, I think, that more people have become closer students of the basics of economics.

    • I find it humorous that I didn’t participate at all in either Ron Paul campaign in the last decade but you cite them as a reason for increased economic awareness.

      I think I am starting to understand why we are on such opposite divides of the Rothbard debate but I would like to point out that Rothbard wrote the forward to one of Paul’s books and I would be willing to bet that Ron Paul’s knowledge of economics stems in no small way from the friendship and wisdom of Murray Rothbard.

      That is one of the main reasons why your comment that Rothbard was “outdated” literally baffled me into silence. He is essentially the aggregator (ha!) of modern Austrian Economics. Everything before him from Say, Mises and Hayek flows through his lens and into the scholars of today such as Paul, Walter Block, Thomas Woods, Rand Paul, Hans Hoppe, Jeff Fisher, and basically everyone associated with the Mises institute. To say Rothbard’s time has passed is to say that the foundations of modern Austrian economics is essentially irrelevant.

    • Interesting that you didn’t come across libertarianism through Ron Paul’s campaigns. In my experience, there is a staunch divide between young and old regarding who introduced libertarianism to them.

      The older generation usually came across libertarianism through Ayn Rand, while us puppies came across libertarianism through Ron Paul. There are a few creepers here and there who claim to have been raised libertarian, but that sounds awfully religious to me (and unlibertarian to boot!). Just curious: How did you come across libertarian arguments?

      Re Rothbard: I never said he was irrelevant. I acknowledged his input when it came to founding important organizations and influencing important scholars and politicians of today. What I asked was two questions: 1) Why is Rothbard’s scholarship still cited when there has been so much work built off of his own, and 2) why does this man have a cult-like following within some libertarian circles?

      These two questions have gone unanswered.

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