BIRMINGHAM, Ala. – Approximately 100 high school seniors and their teachers from schools across the state will be at the University of Alabama at Birmingham (UAB) Thursday, March 29, to test their knowledge of economics. The 2007 Merrill Lynch Alabama Economics Challenge, 8:30 a.m.-1:30 p.m. in the Great Hall at Hill University Center, 1400 University Blvd., is presented by the Alabama Council on Economic Education and hosted by the UAB Center for Economic Education (CEE) and UAB School of Business.
Competitors will face questions on concepts such as comparative advantage, welfare economics, tax incidence, public goods, and price ceilings and floors.
The more than 20 teams are composed of high school students who have studied economics concepts in their classes. There are two divisions: the Adam Smith Division for advanced placement and international baccalaureate students, and the David Ricardo division for students in regular or applied economics courses or blocks.
The first three rounds are written tests. Four teams will advance to the final round, a quiz bowl format with buzzers and lights.
At stake is a total of $10,000 in cash, prizes and trips. The top Alabama team in each division advances to the regional competition in Minneapolis with an all-expense-paid trip provided by the National Center for Economic Education and the Goldman Sachs Foundation.
“It’s challenging because the questions are difficult, but it’s exciting because strategy and luck are also at play,” says Sarah Culver, Ph.D, director of the UAB CEE.
“This is our fourth year hosting the Challenge, which we began in order to promote economic education for K-12 students. Each year, returning teacher/coaches are bringing students a little better prepared. That’s a very gratifying thing to observe.”
The mission of the UAB CEE is to provide professional development and resources for Alabama’s K-12 public and private school economics teachers.
A strong economics curriculum is important for the state’s students, Culver says. “Better knowledge of market-based economics produces better consumers, savers, workers and better voters,” she says.
Special guests for the event will be State Treasurer Kay Ivey; Bob Johnson, regional managing director for Merrill Lynch Mid-South Region; and Dr. Ruth Ash, Deputy Superintendent of Education.