The research was undertaken while the author was employed at the Department of Economics, Monash University. A Teaching Innovations Grant, Faculty of Business and Economics, Monash University funded the project. I am grateful to the project reference group G. Crosling, A. Farley, K. Fraser, M. Evans, and I. Ward. I would like to thank M. Eley for assistance with the questionnaire, the subject leaders I. Ward, C. Fletcher and P. Schawlow, the assistant lecturers and the students who completed the questionnaires. S. Ghantous was the research assistant and her contribution is greatly acknowledged. An earlier version was presented at the 30th Conference of Economists at Perth, 24–26 of September 2001. I thank the participants for their valuable comments.