Welcome to the Mississippi Quiz Bowl.

I'm your host, Keri Horn.

And today's competition is the economics Challenge.

This exhilarating event brings together the brightest minds from across the state to showcase their economic prowess and compete in a thrilling battle of the wits.

As we delve into the intricate realms of economics, we invite you to embark on a journey of knowledge, strategy and teamwork.

Our final teams competed in a regional challenge earlier today and have proven themselves to be the best.

Now, the final round is going to be televised on Mississippi Public Broadcasting.

As I mentioned before, my name is Keri Horn and I'll be your host today.

Our quiz bowl judge is Doctor Becky Smith, associate extension professor and director of the center for Economic Education at Mississippi State University.

She's assisted by Jeanette Bennett with the Federal Reserve Bank of Saint Louis, Memphis Branch and Jackson Sharp with Wealth partners.

Organized by the Mississippi Council on Economic Education, this competition serves as a platform for students to demonstrate their understanding of economic principles, policies, and real world applications.

Economics is the study of how we address unlimited wants with limited resources.

It is, at the simplest level, all about decision making.

Now to my right here we have Germantown High School, and to my left we have Northwest Rankin High School.

All right.

Are y'all ready to get started?

All right, let's learn a little about our contestants.

My name is Clark Estess.

I'm from Germantown High School.

Fun fact about me is I weighed 12 pounds as a baby.

I'm Nicholas McKee.

I'm from Germantown High School, and I lived in New York for most of my life.

I'm Peyton Brewer, I'm from Germantown High School, and I can recite the preamble of the Constitution in under ten second.

I’m Tate Bragg, I go to Germantown High School and I recently traveled to Tokyo, Japan.

My name is Judah Murphy.

I'm from Northwest Rankin High School, and over spring break, I got to go on a mission ship to Ecuador with my church.

Hi, my name is Matthew Reed, I'm from the Northwest Rankin High school, and I placed fifth in my calculus written test.

Shout out Miss Winstead, my calculus teacher.

My name is Eva Kennedy.

I go to Northwest Rankin High School and I played the saxophone for seven years.

Hi, my name is Grace Taylor.

I'm from northwestern, from high school, and I have over 100 hours as a pilot in command of an aircraft.

Thank you everyone.

Now, let us review the rules.

There will be three rounds of questions.

One point is awarded for each question answered correctly.

Only after the question has been read in full can the team buzz in and give the answer.

Teams have 10s to buzz in, during which time they may consult with each other.

Once the team has buzzed in and is recognized, the team member who buzzed in has five seconds to give the answer.

If an incorrect response is given, the other team will have the opportunity to hear the entire question again and then have five seconds to respond.

As we begin this thrilling journey, we encourage all participants to embrace the spirit of friendly competition, collaboration, and learning.

Good luck to both teams.

Let the Mississippi Economics Challenge Quiz Bowl begin.

Germantown.

Production possibility curve PPC.

That is correct.

That is correct.

Next question.

Germantown.

Taste and preferences, future expectations, and substitutes and compliments.

That is correct.

Next question.

Northwest.

Interior good.

That is correct.

Next question.

Assume apples and bananas are substitutes.

Germantown.

It increases.

That is correct.

Next question.

Germantown is the number of sales.

Future expectations.

Cost productions.

Number of people in the market.

Producers in the market.

Correct.

That is correct.

All right.

Next question.

Germantown.

It's below the equilibrium price.

That is correct.

All right.

This is a math problem.

Germantown.

Four dollars.

That is correct.

All right.

Next question.

In what type of market do firms earn zero economic profit in the long run?

Northwest.

A perfectly competitive market.

That is correct.

Germantown!

while diminishing marginal utility That is correct.

Next question.

Germantown.

Shut down.

That is true.

Next question.

Germantown.

Price discrimination.

That is true, but it's also a good price.

I would go there.

Next question.

Germantown.

A market where there's just a few firms.

That is correct.

And I've just got to say, I'm really proud of myself.

That word is hard.

All right.

Next question.

Nash equilibrium Next question.

The marginal in p in PC.

That is incorrect.

I'm going to repeat the question for Germantown.

The marginal revenue equals marginal cost, and then they go up to the demand curve price to the demand curve.

That is correct.

That is correct.

I always thought it was just set by the people who made the game.

I didn't know.

I had no idea.

All right.

Next question.

Northwest?

Intermediate good.

Incorrect.

I'll reread the question for Germantown.

Cost production.

I'm afraid that is incorrect.

The answer is derived demand.

All right.

Next question.

Germantown.

A firm where either, that only hires, there's only one firm that hires workers for specific jobs.

That is correct.

Yes.

All right.

Next question.

Germantown.

Yeah.

Oh, yeah.

Collective bargaining for fair and better wages.

That is correct.

It's also for better working conditions and all that sort of things.

But yeah.

All right.

Next question.

Germantown.

People who don't pay for the good cannot have the use of good.

That is correct.

All right.

Next question.

S Germantown!

A per unit tax.

No, I'm afraid that is incorrect.

I'll ask the question again of northwest.

Irregulation.

I'm afraid that is incorrect.

It's actually a Pigouvian tax.

And then the last question of this round, Germantown.

Tragedy of the Commons.

That is correct.

All right, so at the end of round one, we have Germantown with 15, and we have Northwest Rankin with three.

So we will go on to round two beginning with question one.

Northwest.

Hmm, selfish business endeavors are going to keep them from doing what the community needs.

That is correct.

because the good is a public good and wouldn't be produced otherwise.

You're exactly right.

All right.

Next question.

Germantown.

Stagflation.

That is correct.

All right.

Next question.

Northwest.

A decrease in workers or an increase in wages.

That is correct.

Yes.

Next question.

Northwest!

GDP increases.

That is incorrect.

All right.

I'll ask Germantown.

GDP decreases.

Inflation decreases.

Unemployment increases.

That is correct.

Very good.

All right.

Next question.

Germantown.

Phillips.

Curve.

Yep.

That is the Phillips curve.

That's correct.

All right.

Next question.

Germantown.

Is it ample reserve system?

That is incorrect.

All right.

Fractional banking system.

That is correct.

All right, next question.

Germantown.

Funds rate.

Sorry.

Say it again.

The federal funds rate.

That is correct.

Yes.

Very cool.

All right.

Next question.

Northwest.

Money supply increases or shifts right.

That is correct.

All right, next question.

The loanable funds market?

Yes.

That is correct.

Northwest.

It decreases them and encourages people to invest.

That is correct.

Next question.

Germantown!

Crowding out effect?

That is correct.

All right.

Next question.

Northwest!

Policy already in the government that kicks in when something goes wrong?

That is correct.

Yeah.

All right.

This is a fill in the blank question.

Germantown.

Capital and financial account.

That is correct.

All right.

Next question.

Northwest.

If your currency is worth more, people are going to trade less with you.

And a little further explanation.

Trade less because you're it's too much for them.

Like they're not getting any benefit.

Exports decrease.

That is correct.

All right.

All right next question.

Northwest.

When the exchange rate isn't set by a government, it's not fixed.

That is correct.

All right.

Next question.

Northwest.

You're not using your resources to their full capacity.

That is correct.

That is correct.

Next question.

Ughh, Germantown.

Excuse me.

Increase in technology.

Okay.

That is correct.

That is correct.

Other things would be an increase in resources, or better product .

Better productivity.

Good answer.

All right.

And this is the last question for this round.

Northwest!

Law of supply.

That is correct.

All right.

That is the end of round two.

Very good job everyone.

And I see that these scores are Germantown with 23 points and Northwest Rankin with 13 points.

And we're going to move right on to the next and final round.

All right.

Germantown.

As the price goes up for one of the goods, the demand shifts to the right for the other goods.

That is correct.

Yes.

Next question.

Germantown.

Yeah.

It's understandable.

That is correct.

And next question.

Germantown.

As price for one of the goods goes up, the demand for the other goods go to the left.

That is correct.

That is correct.

All right.

Next question.

Germantown.

As prices goes up, only the demand goes down.

That is incorrect.

I'll ask the question of Northwest.

It’s the PED or the umm, price elasticity demand.

Yep, that is correct.

Elasticity of demand is the answer.

All right.

Next question.

Northwest.

Inelastic.

That is incorrect.

I will ask it of Germantown.

Natural monopoly.

That is incorrect as well.

The answer is constant-cost industry.

All right.

Next question.

Germantown.

Ugh.

Revenue mini or profit maximizing point.

Incorrect.

I'll ask again of Northwest Rankin.

Deficit.

I'm afraid that's incorrect.

Answer is “excess capacity.” Germantown.

Downward sloping.

I'm sorry.

That is incorrect.

I'll ask again of Northwest.

It's a straight line.

That is correct.

That is correct.

All right.

Next question is a short one.

Germantown.

two firms in a market trying to figure out which action to take when considering the other person's action.

OK yes.

That is correct.

All right.

Next question.

Germantown.

No matter the other person's strategy, your strategy is to make the most money.

Yes, that is correct.

Next question.

Germantown.

It's the law of diminishing marginal returns.

But we need a little bit more for that answer.

The marginal revenue starts decreasing.

Yes yes yes yes.

Thank y'all.

Yeah.

No it's okay.

No.

Sometimes we're just needing to make sure that we have the right you know the right answer.

So thank you very much.

Germantown.

Scarcity and the value of the, ughh, output.

Umm, incorrect.

I'm going to repeat the question for northwest.

The difficulty of the job and amount of time off.

That is correct.

Yes.

Those determine the wages that a that a worker will get in different occupations.

All right.

Next question.

Germantown.

The increase of price falls mostly on the consumers.

That is correct.

This is the last question of the game.

Here we go.

Germantown.

pen market operations.

That is correct.

All right.

That was the final question of the game.

And checking the scores, we have Germantown with 31 points and Northwest Rankin with 16 points.

That means that Germantown is our winner for today.

So congratulations.

Congratulations.

Now we extend our sincere congratulations to both teams because you are the best in the state, and we're able to come down and do this competition today.

I also want to extend our sincere congratulations to all of the academic coaches who have dedicated countless hours to preparation and participation.

Your hard work and perseverance have not gone unnoticed.

You have exemplified the spirit of intellectual curiosity and academic excellence, and we commend you for your outstanding achievements.

Congratulations again to both teams.

I'm Keri Horn.

Thank you for watching the 2025 Mississippi Economics Quiz Bowl.

See you next time.

The lead sponsors are State Farm, Wells Fargo, and Blue Wealth Management.

Your commitment to education and the advancement of personal finance literacy has made a profound impact on the academic community, and we are deeply grateful for your partnership.