Do you have the econ knowledge of a high schooler?

By Will Chen on 29 December 2006 9 comments

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

  3. Supply-side economists encourage and wish to provide incentives for all the following EXCEPT:
  4. Saving.
    Income generation.
    Investment spending.
    Consumption spending.
    A balanced budget for the federal government.

  5. Traditional Keynesian (demand-side theory) holds that unemployment is best dealt with by:
  6. 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.

  7. Which of the following would lead to lower levels of investment in the economy?
  8. Rising stock prices.
    Falling interest rates.
    Increasing excess capacity.
    Falling inventories.
    Optimistic expectations about the profitability of new innovations.

  9. Which of the following generates demand for Albania's currency?
  10. 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.

  11. Which of the following lists of exchange rate systems is arranged in proper historical order?
  12. 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.

  13. What country is the second largest consumer and importer of crude oil?
  14. United States
    Canada
    India
    China
    Brazil

  15. What company reported the highest profits in U.S. history in 2005?
  16. Microsoft
    Google
    G.E.
    Exxon-Mobil
    Halliburton

  17. How many gallons are there in a barrel of oil?
  18. 50
    42
    64
    100
    76

  19. Which of the following industries is an example of a homogeneous oligopoly?
  20. Wheat
    Personal computer
    Aluminum
    Restaurant
    Automobile

2
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Andrea Karim's picture

Out of 10. But that's OK, because I don't CARE about the history of economics. Which I never took a course in. So there (quietly sobs).

Will Chen's picture

If you squint a bit, a 4 kind of looks like an A.

Lynn Truong's picture

i majored in economics and got a 3. hm. thanks for proving college was wasted on me.

Greg Go's picture
Greg Go

I got a 2. You guys suck.

Will Chen's picture

Now *that* was waste of time.

Andrea Karim's picture

And I wouldn't have it any other way. Except the part where it took me a couple of years to find a job.

Lynn Truong's picture

Hm. Now I feel dumb AND I'm threatened that Andrea can probably speak better Chinese than me.

Sarah Winfrey's picture

*sigh*

But goshdarnit, I know all about turtle care and philosophy, and I speak some mean Spanish.  

Marketable skills, all. 

Will Chen's picture

If you run across some Spanish-speaking turtles you'll be all set Sarah!

As for me, I'm still looking to make a fortune from my massive amounts of Buffy the Vampire Slayer knowledge. Fantasize much? =)