According to a recent survey, right wingers (libertarians and republicans) understand basic economics better than left leaning liberals. The differences were really quite dramatic.
As a bleeding heart I'd like to say that I am shocked and sure it can't be true, but truth be told, the findings are not surprising to me. The article is summarized in the Wall Street Journal here, and the full article is here.
The questions asked are as follows - you can do the test yourself...
1. Restrictions on housing development make housing less affordable.
2. Mandatory licensing of professional services increases the prices of those
3. Overall, the standard of living is higher today than it was 30 years ago.
4. Rent control leads to housing shortages.
5. A company with the largest market share is a monopoly.
6. Third-world workers working for American companies overseas are being
7. Free trade leads to unemployment.
8. Minimum wage laws raise unemployment.
The unenlightened (wrong) answers are as follows...