Interesting insight in this article from the Wall Street Journal:
Are You Smarter Than a Fifth Grader? - By Daniel B. Klein

How would you evaluate the following statements?
From the linked article, I've replicated the eight survey questions about basic economics. If you don't know or if you feel the statement is ambiguous or half right/half wrong, then select "E" (not sure)

1) Mandatory licensing of professional services increases the prices of those services.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

2) Overall, the standard of living is higher today than it was 30 years ago.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

3) Rent control leads to housing shortages.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

4) A company with the largest market share is a monopoly.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

5) Third World workers working for American companies overseas are being exploited,
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

6) Free trade leads to unemployment.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

7) Minimum wage laws raise unemployment.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

8)Restrictions on housing development make housing less affordable.
A) strongly agree; B) somewhat agree; C) somewhat disagree; D) strongly disagree; E) not sure.

To evaluate your answer and see how you compare, go to the linked article (http://online.wsj.com/article/SB1000...930932412.html).