Do you have the econ knowledge of a high schooler?

Do you know as much about economics as a high school student?

The following are sample questions from the National Economics Challenge, a national contest designed to increase economic literacy among high school students.

I passed this quiz around the office today and I was surprised by the results (I won't name any names, as I've been sworn to secrecy).

Give it a shot. For the brave readers, feel free to post your scores in the comment box.

High School Econ Challenge Part 1

1. An increase in the supply leads to which of the following?

An increase in quantity demanded.
A decrease in quantity demanded.
An increase in demand.
A decrease in demand.
An increase in price.

2. Supply-side economists encourage and wish to provide incentives for all the following EXCEPT :

Saving.
Income generation.
Investment spending.
Consumption spending.
A balanced budget for the federal government.

3. Traditional Keynesian (demand-side theory) holds that unemployment is best dealt with by:

Decrease the money supply and/or increase the rate of interest.

Increase the money supply and/or increase the rate of interest.
Increase government spending and/or decrease taxes.
Increase government spending and/or increase taxes.
Decrease government spending and/or decrease taxes.

4. Which of the following would lead to lower levels of investment in the economy?

Rising stock prices.
Falling interest rates.
Increasing excess capacity.

Falling inventories.
Optimistic expectations about the profitability of new innovations.

5. Which of the following generates demand for Albania's currency?

Travel by Albanians to other countries.
Foreigners desire to buy the stocks and bonds of Albanian firms.
The imports of Albania.
Charitable contributions of Albanians to people in Africa.
Albanians desire to purchase land in Italy.

6. Which of the following lists of exchange rate systems is arranged in proper historical order?

Bretton Woods, Gold standard, Managed float.
Gold standard, Managed float, Bretton Woods.
Managed float, Bretton Woods, Gold standard.
Gold standard, Bretton Woods, Managed float.
Managed float, Gold standard, Bretton Woods.

7. What country is the second largest consumer and importer of crude oil?

United States

Canada
India
China
Brazil

8. What company reported the highest profits in U.S. history in 2005?

Microsoft
Google
G.E.

Exxon-Mobil
Halliburton

9. How many gallons are there in a barrel of oil?

50
42
64
100
76

10. Which of the following industries is an example of a homogeneous oligopoly?

Wheat.
Personal computer.
Aluminum.
Restaurant.
Automobile.

Photo by irito run under Creative Commons Attribution 2.0 license .