LFMI Holds 3rd National Economics Exam

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LFMI

Quarantine increases people’s desire to study and learn. On March 25th the third national economics exam, organized by the Lithuanian Free Market Institute, attracted a record number of participants (10,963). The motto of this year’s exam was “There is a human being being every number.”

In the last two years, the exam was taken mostly by school youth. This year is exceptional. The number of adult participants who wished to test their knowledge of economics doubled and reached close to 6,000,” Marija Vyšniauskaitė, the Head of LFMI’s Education Center said.

Laiko egzaminąOn average, participants gave correct answers to slightly more than half of all exam questions. In a ten-point grading system, Lithuanians’ grade for their economic knowledge would be six.

Twelve participants scored 100%. This is a lower result than in 2019, when 17 people did not make a single mistake.

The three exams we have held so far show that the overall result is almost the same. At school or university this performance outcome would be considered satisfactory. Lithuanians themselves say that they lack economic knowledge.

However, the interest in economics is growing and this suggests that results will improve with time. To make a breakthrough, we need to focus on economics education in schools and universities, where the fundamentals of economics are received, people say.

The teaching of economics often revolves around numbers and indicators, but it is important to understand that behind every number there is a real human being. We buy, we borrow, we save, we spend, and this is what economics is about,” Marija Vyšniauskaitė said.

Laiko egzaminą2The national economics exam is organized by the Lithuanian Free Market Institute in partnership with the Lithuanian National Radio and Television under the patronage of the Ministry of Education, Science and Sports.

This year the exam was generously sponsored by the Dabar Foundation. The patronage of the Ministry of Education, Science, and Sports.

The questions were compiled by universities, the Bank of Lithuania, the Ministry of Finance, the State Tax Inspectorate, educational organizations, and teachers of economics. The questions were edited by the LFMI team.

The exam was conducted online. Participants had to answer a total of 30 multiple-choice questions and one open-ended question.

The winners will be awarded in three categories: school youth, students, and citizens.

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