Some points raised in these articles are legitimate; but they usually miss something out. In a recent article, a rejected economics applicant was quoted as saying "How do they expect me to know about something as obscure as Game Theory?"; according to a few comments though, it's not very obscure in economics at all.
In addition to that, most of these bizarre questions are designed to see how you think; not necessarily whether you get the correct answer.
The media lie. Every time one of these articles come up, there's a pretty big furore on TSR about how most of it is concentrated ********.