The Test of Economic Literacy: Development and Results

In this study, the authors report on the revision of the Test of Economic Literacy for the fourth edition. The Test of Economic Literacy is a nationally-normed and standardized measure of the economic understanding of U.S. high school students. The economic content of the test is based on the Voluntary National Content Standards in Economics, which is used to establish the content validity for the test. The revision process is described and evidence on the test reliability and construct validity is presented from the test score analysis. The Test of Economic Literacy has a long and successful history of use by educators and researchers interested in economic education in high schools. The new edition should provide an improved instrument to continue that testing and research work.