Currently, Economics is an elective school subject in all States and Territories. In Queensland, only students in Year 11 and 12 have the possibility to study Economics. The major aim of the Economic Literacy Survey - Queensland 1998 was to assess Economic literacy levels of students at the senior secondary school throughout Queensland. The target group, thus, comprised students from both Year 11 and 12. The Economic Literacy Survey built on last year's Economic Literacy Pilot Study conducted in schools throughout Central Queensland. Piloting served to validate the various questionnaires for students, teachers and schools participating in the survey. Performance in Economic Literacy was assessed using the Australian Test of Economic Literacy (AUSTEL- 11) which was adapted from the Test of Economic Literacy (TEL) developed by the Joint Council of Economics Education in the United States. Students were requested to answer multiple- choice test items each offering four possible answers of which only one was correct. In addition, background information was collected from students, teachers and school principals. For the first time ever in a project of this magnitude schools had the choice to undertake the same assessment by a test which could be answered using either paper and pencil, personal computer (PC) or the World Wide Web (WWW). This paper describes basic performance differences in economic literacy across Queensland's senior secondary students. In addition, several interesting findings based on responses to the Student Background Questionnaire, the Teacher Questionnaire as well as the School Questionnaire are also presented. Special emphasis will be given on the procedures and conduct of the PC and web- based test options. Finally, remarks will be made about the positioning of the Economic Literacy Survey in an attempt to standardise Economics assessment as part of the OECD educational indicators policy.