The Literature Network - Adam Smith? Never heard of the guy. (economics education)

Adam Smith? Never heard of the guy. (economics education)

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From: U.S. News & World Report
Date: 19890109
Author:

Profits are equal to

A. sales minus taxes and depreciation.

B sales minus wages and salaries.

C assets minus liabilities.

D. revenues minus costs.

Recent reports have declared schools in the United States breeding grounds for a nation of illiterates in geography, science, mathematics, writing and foreign languages. Last week, Americans were pronounced a burgeoning nation of economic dunces as well. When 8,000 highschool students were asked the question above, 2 out of 3 failed to check the correct answer (D).

The survey, by the Joint Council on ...

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