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Schools to vie for economic title

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    Courtesy Island Insurance @Caption1:The Kalani High School team, coached by economics teacher Mike Zane, gathers during a lunch break to prepare for the Island Insurance Companies Economics Challenge.

About 200 economics students from Hawaii public and private high schools will participate in the 2012 Island Insurance Companies Economics Challenge on Wednesday.

Students will compete in two divisions for the title of Hawaii’s Economics Challenge State Champion.

Participating schools this year are ‘Iolani — the national champion five of the last seven years — Maryknoll, Hawaii Baptist Academy, Kamehameha, Mililani, Hilo, Roosevelt and Kalani.

The competition runs from 9 a.m. to 2 p.m. at the Campus Center Ballroom at the University of Hawaii at Manoa campus.

Here is a sample of the questions used in the Economics Challenge quiz bowl:

1. Assuming a positive interest rate, which has a higher present value, one dollar today or one dollar paid next year?

2. An increase in price will increase total revenue if price elasticity of demand is in which range?

3. An expenditure that has been made and cannot be recovered is known as what type of cost?

4. Control of a scarce resource, economies of scale and technological superiority are all examples of what characteristic of a monopoly market structure?

5. What happens to bond prices when the interest rate increases?

6. What is the term for a reward offered to change behavior?

7. What is the relationship between two goods if their cross-price elasticity is zero?

Answers: 1. today; 2. inelastic; 3. sunk; 4. barrier to entry; 5. they decrease; 6. incentive; 7. they are unrelated

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