What is inflation? What causes a budget deficit? Many adults know the answers all too well, but most high school students have no idea. So says a survey released last week by the New York-based Joint Council on Economic Education, which found that only one out of three high school students in its 41-state poll could define such basic concepts as profit and the law of supply and demand. The 8,205 eleventh- and twelfth-graders who took the 40-minute multiple-choice test correctly answered less than 40% of the 46 questions. Declared William Walstad, a co-author of the study: "Our schools are producing...
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