While the manufacturers may not back their products for uses more accurate than a certain amount, depending on the product, the weakest link is generally the guy running the tool.
Qualify your own readings on a known dimension, until you are happy with the accuracy and precision (two different things!). Accuracy=sameness, Precision=exactitude of dimension. Bearing shells (ball bearing housings) are cheap and wonderfully accurate devices <-Hint) to check repeatability against.
If you are not building parts for NASA by mail order, it really doesn't matter if your tools are reading off a bit, as long as they are reading the same amount off all the time.
If you pick up a bit of crap on the rack of a dial indicator, unless you are a thick f**k, you should be able to feel the lump as the pinion rolls over the bump.
Quoting silly random stuff from an exam question, is not as relevant to real life uses as the instructors would like to have you believe.
But, without having a system of reference dimensions and a means of qualifying the tools and the user's feel, all tools are suspect until proven otherwise, eh?
Short version, if it works, repeats for you, it's fine!
Cheers
Trev