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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 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.

And now the final round of this challenge is being televised by Mississippi Public Broadcasting!

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

Our quiz bowl judge is Dr. Becky Smith, Associate Extension Professor and Director of the Center for Economic Education at Mississippi State University.

She is assisted by Jeannette Bennett with the Federal Reserve Bank of St. 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 about decision making!

To my right we have Hancock County School and to my left we have Northwest Rankin.

Let's learn a little bit about our contestants!

Hi.

I'm Bo Malley.

I go to Hancock High School.

I played the clarinet for seven years.

And peformed solos in college stadiums.

Hello, I'm Connor Boughton from Hancock High School.

I'm a director.

A group of my friends, we make a lot of YouTube videos and short films on our channel The Leftovers.

Hi, I'm Rowan Menzer from Hancock High School.

I've free climbed on the Mt.

Olympus and the Wasatch Range in Utah.

Hi my name is Brian Davidson.

And I'm an award winning writer for the VFW.

Hi, I'm Samantha Young.

I'm from Northwest Rankin.

I've been to over 60 concerts.

Hi, I'm Nala Salter.

I go to Northwest Rankin.

I played volleyball for 8 years.

About 3 yeas ago, I got a concussion playing beach volleyball.

Hi my name is Nigel Armistad.

I go to Northwest Rankin High School.

I went parasailing and landed in the water at the end instead of the boat.

Hi my name is Gabby Jeter.

I go to Northwest Rankin High School.

I rode a camel in the desert in Dubai.

Thank you everyone!

Now let's 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 a team buzz in to give the answer.

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

Once a team has buzzed in and is recognized, the team member who buzzed has 5 seconds to give the answer.

If an incorrect response is given, the other team will have the opportunity to hear the question in full and then have 5 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!

Let the Mississippi Economics Challenge Quiz Bowl begin!

Let's begin Round 1: What does it produce?

How it's produced and who it's by?

That is correct.

Next question.

Alright.

Hancock.

Unlimited wants.

That is correct.

Alright next question.

Hancock Comparative advantage.

That is correct.

That is correct.

Alight, next question.

Alright, Hancock.

Public good?

That is correct.

Alright, next question.

Alright, Northwest.

Subsidies make companies want to produce more because the government gives them tax breaks and incentives and stuff like that.

That is correct.

Alright, this is going to be a fill in the blank question.

Northwest Absolute That is correct.

So like a country or a person can have an absolute advantage in everything, but not a comparative advantage in everything.

So yeah, ya'll are right.

Next question.

This is also a fill in the blank.

Hancock?

Taxes?

No I'm afraid not.

I'll ask the question again Northwest.

I'm afraid that's timeout.

The answer is deadweight loss.

Next question.

Northwest It decrease the volume of money so you're unable to purchase as much.

Yes that is correct.

Next question.

Hancock There's scarcity.

No, I'm afraid that is incorrect.

Northwest I will read the question again for you.

Surplus?

Yes.

A surplus occurs.

That is correct.

The surplus occurs because quantity supplied exceeds quantity demanded.

So that Is correct.

Next question.

Watch your time.

I'm afraid that's time out.

The answers are: perfect competition, monoplolistic competition, oligopoly and monopoly.

Save that five times fast.

I dare you.

Alright, next question.

Northwest Perfect competition has identical products and monopolistical has similar.

That is correct.

Yes, very good.

Alright, next question.

Hancock.

Nonexcludable product?

Unfortunately no.

Northwest It's called positive externality.

oh my goodness!

It's also called being a really good neighbor.

(chatter) Next question.

This one is a fill in the blank question.

Hancock A monopoly?

We are looking for a specific kind of monopoly.

I apologize.

So let me read it again for ya'll.

A natural monopoly?

That is correct.

Alright, next question.

Northwest Real GDP That is correct.

Alright next question.

Alright Hancock.

To maximize employment and control the, uh, money supply.

That is correct.

And the last question for this round is Northwest Store value, medium exchange and.

...... ok. ok.

I will read it again for Hancock.

To store value, measure wealth and trade for goods and services?

I'm afraid that is incorrect.

The answers are, you had two.

It serves as a medium of exchange, store of value and unit of account.

So there you go.

And that is the end of round 1. our current scores are Hancock at 04 and Northwest Rankin at 08.

Let's go ahead and we will move on to Round 2.

Northwest Increase the money supply?

That is correct.

That is correct.

The Fed likes to incentivize banks to borrow from the Federal Reserve which increases the money suppy.

And the discount rate is the interest rate the Federal Reserve charges banks for short term loans.

Next question.

Hancock Consumptioin, investments, government spending and net exports.

That is correct.

That is correct.

Next question.

Yes Under 16 That is correct.

(chatter) Also it excludes people who are in prison, a mental facility or nursing home.

So those are other examples.

Next question.

Northwest To prevent one company from controlling the market?

That is correct.

Yes.

Next question.

Hancock Fiscal policy That is correct.

Alright, next question.

Alright, Northwest.

Increase tarrifs and taxes?

No.

I'm afraid that's incorrect.

I'll re-read the question for Hancock.

I'm afraid time is out.

That's taxes, regulations or permits.

Next question.

Northwest Expansion, peak (discussion), contraction and trough.

That is correct.

Alright next question.

Northwest The amount of people in the labor force...that are looking for a job or working?

On no.

That are looking for a job, but not working.

Yes that is correct.

You eventually got there.

Next question Northwest Frictional?

That is correct.

Next question Northwest Deficit That is correct.

Next question Alright Hancock.

When exports are greater than imports.

That is correct.

When you know the answer, it totally makes sense.

Alright next question.

Hancock Government spending No unfortunately.

I will re-read the question for Northwest.

Time's out.

It is an automatic stabilizer.

(chatter) Next question.

Hancock Everyone.

That is true.

Everyone.

Even us.

Alright, here is a math question.

So grab your invisible pieces of paper.

Alright, here we go.

Northwest .7?

That is correct.

That is it.

No paper needed.

That's awesome.

Alright, next question.

Hancock Marginal benefit That is correct.

Very good.

Very good.

Alright, next question.

Hancock The second best option that you're giving up in order to make that choice.

Yes that is true.

Correct.

Next question.

Hancock Sunk cost?

Sorry?

Sunk coast?

That is true.

Next question.

Hancock The abilty to produce more of an item than another country or indiviual.

That is correct.

Yes.

And this the last question for this round.

Here we go.

Hancock Roads and public water fountains.

That is correct.

Alright.

That is the end of round 2.

Our current scores are Northwest Rankin with 16, and Hancock with 13.

Alirght on to our Final Round And our first question is Northwest.

When we have enough money to spend.

Like we have more.... than what we...like we have more that what we buy.

That is correct.

Next question.

Northwest No, because it's a public good.

I'm afraid that is incorrect.

I'll re-read the question for Hancock.

Yes, because that can be a private road.

Yes.

That is correct.

That is correct.

It can also be made excludable by big pot holes.

That's true.

So keep your eyes out for that.

Alright.

The next question.

Northwest.

Because it benefits the GDP to purchase goods from one's on country.

That is incorrect.

I'll re-read the question for Hancock.

To encourage domestic production.

That is correct.

Yes.

Alright, next question.

Hancock.

The exchange rate.

That is correct.

Next question.

Northwest.

It's where all the trade goes through to, like, to trade to all the countries in the world, right?

I'm afraid that is incorrect.

I'll re-read the question for Hancock.

I'm afraid that is time out.

it's the organization that regulates International trade.

Going on to the next question.

Hancock.

Products can be more expensive causing the value of the currency to fall.

Yeah we're looking for something more specific than that.

I'll re-read the question for Northwest.

When the currency value depreciates and you trade and get less for you money.

Then through world trade also affects the other currencys once your country's value goes down.

Then if you do currency exchange, you get less for your money.

Yeah, that's right.

That's correct.

The easier way of saying it, it makes the exports cheaper, and makes the imports more expensive.

Is what we were looking for.

Yeah that is correct.

Alright next question Hancock Law of quantity demand?

Yes we will accept that.

Next question.

Something outside of another thing that makes it more valuable.

That is incorrect.

I'll re-read the question for Hancock.

Something that benefits more people than the one that purchased it.

That is correct.

If we think back to our neighbor who bought the bird house, bought the bird feeder, we were able to watch the birds and not have to feed them.

That's a positive externality.

Alright, next question.

Hancock Shortage Incorrect.

I'll ask the question of Northwest.

It has no affect because it's above where it would normal.

That is correct.

Alright next question.

Yes Northwest.

Oligopolies have two to three sellers that are firms.

And monopolies only have one main seller.

That is correct.

That is correct.

See it's not easy to say that one.

Is it?

Alright next question.

Northwest.

When the inflation rises in a low amout of time?

That is correct.

Next question.

Northwest two I'm afraid that's incorrect.

I'll re-read the question.

12 That is corect.

alright, next question.

Northwest.

Jerome Powell Alright, next question.

Hancock exports minus imports.

Correct.

ALright Next question.

Northwest Investment That is correct.

Next question.

Northwest Structural That is correct.

Alright, next question.

Northwest No because they are not actively look for a job.

So they are not a believable risk.

That is correct.

Yes.

Next question Hancock Fixed exchange rate.

That is correct.

This is the last question for the game.

Hancock Should be ignored.

That is correct.

That concludes our Final Round.

With our final scores of Hancock at 22 and Northwest Rankin at 25, that means that Northwest Rank in is our winner for today!

Congratulations everybody!

We extend our sincerest congratulations to all the students and 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, The WoWell Fargo and Blue Cross and Blue Shield of Mississippi.

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

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