I read this in the Wall Street Journal. Eight high school teams from seven states competed in the National Economic Challenge last month, a spelling bee of sorts for economics.
Here is a sample of the questions:
1. What word precedes each of the followin gwords to form an economic concept - gain, stock, flight, account, and good?
2. What do the letters GATT stand for?
3. What country is the worlds largest debtor nation?
4. A weaking of a country's currency tends to do what to its net exports?
5. The official reserves of the Federal Reserfve are in the form of what?
6. At income levels above $100,000 are current Social Security payroll taxes proportional or regressive?
7. The "bottom" line for businesses is their profits, while the "top" line is their what?
8. Is inflation more likely to result from an increase in aggregate demand or aggregate supply?
The answers are below under "Show Recent."
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1. Capital
2. General Agreement on Tariffs and Trade
3. The U.S.
4. Increases them - when our currency drops, it costs less to buy a one dollar bill, thus decreasing the cost of American goods.
5. Foreign currencies - this was a shock to me. I thought the answer was gold.
6. Regressive.
7. Total revenues/sales/earnings.
8. Aggregate demand - plot a standard supply and demand curve, you will see that when demand goes up prices go up. When supply goes up, the opposite happens.
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