The Council for Economic Education announced the winners of the 14th annual National Economics ChallengeSM, a rigorous academic competition putting students’ economic skills and knowledge to the ultimate test.
Little Falls Community High School (LFCHS) took home second place in the David Ricardo Division (for students who have only taken a single-semester economics course) in the two-day competition, hosted by the Council for Economic Education and sponsored by State Farm. Bellaire High School from Houston, Texas took home the top prize for the Adam Smith Division, (for advanced placement, international baccalaureate and honors students) and Hunter College High School from New York City was named the winner of the David Ricardo Division.
Here are just a couple of the tough questions answered during the final competition (answers below):
1.Quantitative easing places what type of pressure on the international value of the dollar? and
2.Of the components of GDP, which is the most important for long-run economic growth?*
Little Falls students Jessica Durfee, Vanessa Meschke, Jack Schulte and Blake Toso were on the second place team. Their teacher coach was Tom Stockard.
The National Economics ChallengeSM applies the excitement of an athletic competition to academic excellence, providing students with the opportunity to apply their economics knowledge and work in teams. The finals were held May 18 – 19 in New York City and included written exams and a critical thinking round, culminating in a “quiz-bowl” round held at WNET Studios at Lincoln Center and co-hosted by CNBC’s Steve Liesman. This year’s challenge also included special guest video questions from Janet Yellen, the chair of the Board of Governors of the Federal Reserve.
The team from Little Falls qualified for the National Economics Challenge after winning the Minnesota Economics Challenge, hosted by the Minnesota Council on Economic Education.
For more than 50 years, the Minnesota Council on Economic Education (MCEE) has developed and conducted teacher and community education programs to encourage and reinforce the efforts of education professionals to bring economic understanding to Minnesota’s youth. MCEE’s programs are delivered through a network of University-affiliated Centers for Economic Education located at Minnesota State University – Mankato, Minnesota State University – Moorhead, St. Cloud State University, the University of Minnesota – Duluth, the University of Minnesota – St. Paul and the University of St. Thomas.
The Council for Economic Education is the leading organization in the United States that focuses on the economic and financial education of students from kindergarten through high school – and has been doing so for 65 years. Its mission is carried out by educating the educators: providing the curriculum tools, the pedagogical support, and the community of peers that instruct, inspire, and guide. All resources and programs are developed by educators, and delivered by a national network of affiliates. The goal is to reach and teach every child. Each year CEE’s programs reach more than 55,000 K-12 teachers and over 5 million students across the United States.
*Answers: 1. To depreciate; 2. Investment