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ChatGPT has Aced the Test of Understanding in College Economics: Now What?

Author

Listed:
  • Wayne Geerling
  • G. Dirk Mateer
  • Jadrian Wooten
  • Nikhil Damodaran

Abstract

The Test of Understanding in College Economics (TUCE) is a standardized test of economics knowledge performed in the United States which primarily targets principles-level understanding. We asked ChatGPT to complete the TUCE. ChatGPT ranked in the 91st percentile for Microeconomics and the 99th percentile for Macroeconomics when compared to students who take the TUCE exam at the end of their principles course. The results show that ChatGPT is capable of providing answers that exceed the mean responses of students across all institutions. The emergence of artificial intelligence presents a significant challenge to traditional assessment methods in higher education. An important implication of this finding is that educators will likely need to redesign their curriculum in at least one of the following three ways: reintroduce proctored, in-person assessments; augment learning with chatbots; and/or increase the prevalence of experiential learning projects that artificial intelligence struggles to replicate well.

Suggested Citation

  • Wayne Geerling & G. Dirk Mateer & Jadrian Wooten & Nikhil Damodaran, 2023. "ChatGPT has Aced the Test of Understanding in College Economics: Now What?," The American Economist, Sage Publications, vol. 68(2), pages 233-245, October.
    • Handle: RePEc:sae:amerec:v:68:y:2023:i:2:p:233-245
    DOI: 10.1177/05694345231169654
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    References listed on IDEAS

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    Cited by:

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    3. Co, Catherine Y. & Tran, Que Nguyet, 2025. "A multidisciplinary perspective to teaching international trade," International Review of Economics Education, Elsevier, vol. 49(C).
    4. Fatih Uludağ & Eylem Kılıç & H.Eray Çelik, 2025. "Artificial intelligence, social influence, and AI anxiety: analyzing the intentions of science doctoral students to use ChatGPT with PLS-SEM," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-17, December.
    5. Firuz Kamalov & David Santandreu Calonge & Patrik T. Hultberg & Linda Smail & Dima Jamali, 2025. "Comparative analysis of leading artificial intelligence chatbots in the context of entrepreneurship," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-27, December.
    6. Natalie Brose & Christian Spielmann & Christian Tode, 2025. "ChatGPT as Economics Tutor: Capabilities and Limitations," Bristol Economics Discussion Papers 25/786, School of Economics, University of Bristol, UK.
    7. Hurley, Sean P., 2025. "A Checklist for Managing AI Use in Agribusiness and Applied Economics Courses," Applied Economics Teaching Resources (AETR), Agricultural and Applied Economics Association, vol. 7(5), November.
    8. Najib Bou Zakhem & Malak Bou Diab & Suha Tahan, 2025. "A Cross-Disciplinary Academic Evaluation of Generative AI Models in HR, Accounting, and Economics: ChatGPT-5 vs. DeepSeek," Administrative Sciences, MDPI, vol. 15(11), pages 1-22, October.

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