Think you're economically literate?

Job-hunters may soon have to prepare for not only English proficiency exams but also an economic literacy test.

The government is moving to introduce a standardized test of economics after the promulgation of a law aimed at beefing up economics education on Feb. 6, officials said. The law states that the government should work toward the introduction and adoption of an economics exam.

The government`s move comes as increasing economic awareness is becoming especially important as the global economic meltdown affects the Korean economy.

The Ministry of Strategy and Finance said it would soon conduct a standardized economics exam. Ministry officials expect the test will help people better understand the market economy and make rational economic decisions.

The test is expected to assess basic economic literacy and other practical knowledge of economics such as bank transactions and stock trading.

Businesses welcomed the introduction of the economics exam, which they say will help assess the understanding of job applicants, but it remains to be seen how many public and private firms will use the test in recruiting employees.

"The test will make it a lot easier for us to select talented human resources," an official of a big company said, adding that even employees who majored in economics lack the practical economics knowledge required for work.

Currently, there is an economic literacy test conducted by the Korea Economic Daily, but it is not widely adopted by companies as part of their recruitment criteria.

By Jin Hyun-joo

(hjjin@heraldm.com)