This paper analyzes the economic knowledge of high school students based on national data from 8,000 students who took the revised "Test of Economic Literacy," a nationally normed and standardized achievement test in economics. First, the validity and reliability features of the test are presented and then the test scores are broken down across many student characteristics. Second, data from both forms of the test are combined and analyzed to identify areas of the strongest and weakest performance across major topics and economic concepts. Third, teacher survey data are reported on what economic concepts are taught in the classroom and these results are compared to student findings. Finally, implications are drawn for improving classroom instruction and teacher training in economics. Economics is a vital subject to be taught in schools because it provides an understanding of how economic systems work and aids in evaluating life's choices in our roles as workers, consumers, and citizens. (Author)