Online Teacher Training Program

1
Online Teacher Training Program

• 2009 Massachusetts EconChallenge
•  

2
Background

• The Massachusetts Council on Economic Education
  enthusiastically invites all high school
  economics classes to participate in the 2009
  Council for Economic Education Economics
  Challenge sponsored nationally by the Goldman
  Sachs Foundation.
• Each year approximately 35 states participate in
  this exciting nationwide contest. Click here for
  National Challenge information National Economics
  Challenge

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Team Formation

• Student teams, with 3-5 students per team,
  compete in one of two divisions.
• The Adam Smith division is for students currently
  taking an Advanced Placement, International
  Baccalaureate, honors, college level, or one-year
  economics class.
• The David Ricardo division is for students
  enrolled in all other general economics or
  one-semester economics classes.
• If you have questions about which division your
  students should compete, please contact Margaret
  Brooks, MCEE President, at mbrooks_at_bridgew.edu

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Massachusetts EconChallenge Finals Federal
Reserve Bank of Boston March 31, 2008
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The Preliminary Online Competition

• This year in Massachusetts, the initial
  competition will be conducted online during the
  period March 5-12, 2009.
• Schools wishing to bring teams to compete in the
  state finals MUST participate in the online
  Challenge first.
• Teachers will supervise their student teams as
  they take the exams online any time, from their
  own locations, during this week.
• The test site is run by the Nebraska Council
• on Economic Education.
• Team results will be made available to
• teachers shortly after the competition ends.

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How to Sign Up

• Click here to register now as a Massachusetts
  teacher and to sign up your student teams
  Massachusetts EconChallenge Online
• Review all the information on this site for
  details on the competition.
• Ask your students complete the Student Survey
  forms. If your team wins and advances to the
  state finals, you will need to fax the completed
  forms to the Massachusetts Council on Economic
  Education at 508-531-6136.

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Getting Yourself Ready

• Call in to the Federal Reserve Bank of Boston on
  Monday February 23, 2009 between 330 and 430
  p.m. The toll free call-in number is (800)
  853-0223, and the participant access code is
  223294.
• Massachusetts EconChallenge organizers will be on
  hand to answer your questions and discuss
  logistics.
• You will have a chance to raise any questions you
  have about the EconChallenge and to talk with
  other teachers.

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Getting Your Students Ready-Materials

• Sharpen your students knowledge. Look at
  resources available at
• Council for Economic Education (formerly NCEE)
• EconEdLink
• Federal Reserve Bank of Boston
• See how economics relates to the Massachusetts
  History and Social Science curriculum
  frameworksMass DOE Frameworks

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Getting Your Students Ready-Practice Exams

• Check out these exams on the Council for Economic
  Education web site Sample Council Exams
• Also try out the practice Challenge exams here
  Sample EconChallenge Exams
• Try your hand at answering some sample questions
  and answers from the 2008 Massachusetts Economics
  Challenge finals exams which follow.

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Microeconomics Adam Smith 2008 State Finals
Morning Exam

• 1. Because of scarcity of factors of production,
• a. only goods in relative abundance are free
• b. all goods tend to be expensive
• c. an economy cannot operate at maximum capacity
• d. economic decisions entail opportunity costs
•  
• Answer d

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Microeconomics Adam Smith 2008 State Finals
Morning Exam

• 2. People like to put marshmallows in their hot
  chocolate. An increase in the price of hot
  chocolate mix will have what effect on the
  marshmallow market?
• a. decrease the equilibrium price and quantity of
  marshmallows
• b. increase the equilibrium price and quantity of
  marshmallows
• c. decrease the equilibrium quantity and increase
  the equilibrium price of marshmallows
• d. have no effect on the equilibrium quantity or
  price of marshmallows
• Answer a

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Macroeconomics Adam Smith 2008 State Finals
Morning Exam

• 1. In the calculation of GDP, which of the
  following purchases is included as a personal
  consumption expenditure?
• a. a new apartment building by a landlord
• b. a new calculator required for a statisticians
  job
• c. a new computer by a college student
• d. a new tractor by a farmer
• Answer  c

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Macroeconomics Adam Smith 2008 State Finals
Morning Exam

• 2. Suppose that in the absence of inflation, a
  bank is willing to make a mortgage loan for
  100,000 at an annual interest rate of 7 percent.
  If the bank expected the inflation rate to be 4
  percent, however, the bank would charge the
  borrower an annual interest rate of
• a. 3 percent
• b. 6 percent
• c. 9 percent
• d. 11 percent
• Answer d

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International and Current Events Adam Smith 2008
State Finals Morning Exam

• 1. According to the principle of comparative
  advantage, France imports those goods and
  services for which it has a high
• a. wage cost
• b. material cost
• c. opportunity cost
• d. resource cost
• Answer c

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International and Current Events Adam Smith 2008
State Finals Morning Exam

• 2. An appreciation of the U.S. dollar against the
  British pound would tend to
• a. discourage the British from buying American
  goods
• b. discourage Americans from buying British goods
• c. increase the number of dollars that could be
  bought with a pound
• d. discourage U.S. tourists from traveling to
  Britain
• Answer a

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Microeconomics David Ricardo 2008 State Finals
Morning Exam

• 1. Economists recognize all of the following as
  factors of production except
• a. entrepreneurship
• b. capital
• c. money
• d. land
•  
• Answer c

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Microeconomics David Ricardo 2008 State Finals
Morning Exam

• 2. In a competitive market, the price of a good
  is determined by
• a. only the market power of buyers
• b. only the market power of sellers
• c. the market power of the governments
• d. the interaction of buyers and sellers.
• Answer d

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Macroeconomics David Ricardo 2008 State Finals
Morning Exam

• 1. The largest share of the federal governments
  tax revenue comes from
• a. corporate income taxes
• b. Social Security taxes
• c. sales and excise taxes
• d. personal income taxes
• Answer  d

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Macroeconomics David Ricardo 2008 State Finals
Morning Exam

• 2. All of the following are major goals of
  fiscal policy except
• a. full employment
• b. stable prices
• c. zero net exports
• d. economic growth
• Answer c

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International and Current Events David Ricardo
2008 State Finals Morning Exam

• 1. The promotion of free trade among the U.S.,
  Canada, and Mexico is the main objective of the
• a. World Bank
• b. United Nations
• c. Agency for International Development
• d. North American Free-Trade Agreement
• Answer d

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International and Current Events David Ricardo
2008 State Finals Morning Exam

• 2. Over time, a depreciation in the value of a
  nations currency will result in
• a. exports rising and imports falling
• b. imports rising and exports falling
• c. both imports and exports rising
• d. both imports and exports falling
• Answer a

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2008 The Complete Exams

• Teachers may obtain complete copies of the exams
  used in the 2008 Massachusetts Economics
  Challenge finals by emailing Ann Reichert with
  their school and contact information.
  areichert_at_bridgew.edu.

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State Finals 2009

• After the results from the Massachusetts
  EconChallenge ONLINE have been tabulated, the
  top-scoring teams in each division--David
  Ricardo and Adam Smith--from across the state
  will be invited to come to the Federal Reserve
  Bank of Boston to compete in the Massachusetts
  Economics Challenge on Monday April 6, 2009.
• The state finals will include up to 200 students
  and their teachers.

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State Finals 2009

• Students, participating as individuals and
  teams, will take examinations in a wide range of
  economic subject areas in an effort to determine
  who will compete in the final round quiz bowl
  competition.
• This college-bowl like competition, which blends
  the excitement of an athletic event with the
  pursuit of academic excellence, tests students'
  knowledge of basic and complex economic concepts
  and theories.

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Last Years Agenda2008 Massachusetts
EconChallenge Finals

•  Monday March 31, 2008
• 900 AM- 130 PM
•  Federal Reserve Bank of Boston
•  900 AM Registration and Coffee
  
•  
• 930 AM Welcome and Introduction
•  
• 935 AM Competition Rules and Format
•  
• 945 AM Test 1 Microeconomics (Written Multiple
  Choice Exam)
• 1020 AM Test 2 Macroeconomics (Written Multiple
  Choice Exam)
• 1055 AM Break
•  
• 1100 AM Test 3 International/Current Events
  (Written Multiple Choice Exam)
• 1130 AM Lunch
  
•  

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2008 Adam Smith WinnersBelmont High School
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2008 David Ricardo WinnersInter-Lakes, NH High
School
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Advancing to the Regionals

• The winning Adam Smith and David Ricardo teams
  from Massachusetts will advance to the East
  Regional competitions to be held on April 27,
  2009.
• The winners of the regional competitions,
  including the teams and their teachers, will each
  receive 1,000 U.S. Savings Bonds. The runner-up
  teams and their teachers will each receive 500
  U.S. Savings Bonds.
• Council for Economic Education NCEE will provide
  reimburse for most travel expenses and an
  overnight stay for up to 4 team members and 1
  team coach per participating team.

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National EconChallenge Finals

• The winning regional team in each division will
  compete in the National Finals to be held in New
  York City on May 16-18, 2009.
• Each member of the national championship teams
  and their teachers will receive 3,000 U.S.
  Savings Bonds, and the runner-up teams and their
  teachers will receive 1,500 U.S. Savings Bonds.
• Council for Economic Education will pay all
• reasonable expenses for teams to participate
  in the national competition.

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Why Encourage Your Students to Compete in the
Massachusetts EconChallenge?

• Teach concepts from the Massachusetts History and
  Social Science curriculum framework in a fun,
  hands-on manner
• Add excitement and team work to your classes
• Participate in a rewarding field experience with
  your students
• Help your students build their resumes for
  college
• Enhance your students knowledge of
  microeconomics, macroeconomics, international
  economics, and current affairs

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Organizer Contact Information

• Margaret Brooks, President of Massachusetts
  Council on Economic Education mbrooks_at_bridgew.edu
  508-531-2289
• Albert Barnor, Office of Economic Education,
  Federal Reserve Bank of Boston,
  albert.barnor_at_bos.frb.org 617-973-3109
• George Watson, Director of Bridgewater State
  College Center for Economic Education
  g1watson_at_bridgew.edu 508-531-1716
• Dorothy Siden, Director of Salem State College
  Center for Economic Education dorothy.siden_at_salems
  tate.edu 978-542-6681
• Jennifer Davidson, Council Associate, Nebraska
  Council on Economic Education, online portal
  jdavidson_at_nebraskacouncil.org 402-472-2333
• Ann Reichert, Administrative Assistant,
  Bridgewater State College, areichert_at_bridgew.edu
  508-531-1716

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Join the Massachusetts Economics Challenge!

• Dont forget to sign up today
• Online EconChallenge Site

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Certificate of Completion

• Teachers who would like a certificate of
  completion for reviewing this online training
  should email George Watson at g1watson_at_bridgew.edu
  . Please include a short 1-paragraph summary of
  what you learned in this training, along with
  your name, your school, your grade and the
  subject(s) you teach.
• Thanks for helping your students improve their
  economics skills !

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Thank You to Our Generous 2009 Massachusetts
EconChallenge Sponsors

• Council for Economic Education
• Goldman Sachs
• Massachusetts Council on Economic Education
• Federal Reserve Bank of Boston
• Bridgewater State College
• Salem State College