Real estate or cryptocurrency, which is a better investment? Taking out a loan or saving, which is a better choice? People make economic decisions and face challenges on a daily basis and should be well prepared to overcome them. Therefore, on March 13th, 2018 the Lithuanian Free Market Institute will hold Lithuania’s first online National Economics Exam for pupils, university students and everyone who would like to measure their knowledge of economics.
Ranked 11-12 among 15 countries in terms of economic literacy of 15-year olds by the Organisation for Economic Co-operation and Development (OECD), Lithuania lags behind most of its close neighbours, including Poland and Russia. Alarmingly, research by OECD as well as a recent survey by LFMI show similar levels of economic and financial literacy among adults.
“Many see economics as a science which has nothing to with the reality. People lack economic education to realise that scarce resources and unlimited wants are nothing but economic challenges, and that the understanding of economic phenomena is what allows us to make sound decisions both on a personal and state level. We believe that the National Economics Exam will turn a new page in addressing the issue of underdeveloped economics education and low level of economic literacy in Lithuania”, – says Žilvinas Šilėnas, president of the Lithuanian Free Market Institute.
The examination will cover some of the key topics of the discipline, including the fundamental principles of economics, personal finance, entrepreneurship, economic policy and international markets. The participants will compete in three categories and will have to answer 29 thought-provoking multiple-choice questions and an open-ended question, all prepared by Lithuania’s leading universities and renowned economists. The questions will be of practical nature, designed to encourage critical thinking and problem solving, not to measure purely theoretical knowledge.
To hold a nation-wide exam, the Lithuanian Free Market Institute partners with the Lithuanian National Radio and Television, the leading news portal delfi.lt, the Ministry of Education and Science, Lithuania’s leading universities, educational institutions, school teachers, economists and a dozen of business companies, all realising the importance of economic literacy and eager to challenge the status quo.
The best performing participants will be officially recognized during an award ceremony in the Ministry of Education and Science of Lithuania. Organisers, partners and sponsors will award monetary prizes and special prizes to the best individual participants and the best schools will receive LFMI’s textbooks Economics in 31 Hours.
Lithuania‘s first National Economics Exam begins on March 13th, at 11 a.m. and may be taken at http://ekonomikosegzaminas.lt