Phillips Academy -- Andover and Little Falls High School Win the 2009 National Economics Challenge Finals®

New York, NY -- Phillips Academy -- Andover and Little Falls High School defeated more than 2,000 teams from across the country to become the champions in the 2009 National Economics Challenge® Finals sponsored by the Council for Economic Education and the Goldman Sachs Foundation.

Student teams from high schools across the country competed as finalists and traveled to New York to compete to win in one of two divisions. Students enrolled in advanced placement, international baccalaureate and honors economics courses were quizzed in the Adam Smith Division, while those enrolled in single semester general economics classes faced-off in the David Ricardo Division. The teams had each previously won state and regional competitions. Over 8,000 high school students in 34 states competed in the Spring of 2009 to advance to the championship series.

From left to right: Bob Duvall, Stephanie Bell-Rose, with Adam Smith Division winners Tiffany Li, Kwon-Yong Jin, James Foster, Benjamin Elder, Team Coaches - Aneesa Sayall and Carroll Perry

Student teams vying for the Adam Smith honors included: Bellaire High School from Houston, TX; Iolani School from Honolulu, HI; Phillips Academy from Andover, MA; North Carolina School of Science and Math from Durham, NC.

Student teams vying to win the David Ricardo honors included: Little Falls High School from Little Falls, MN; Carmel High School from Carmel, IN; Starr's Mill High School from Fayetteville, GA; Iolani School from Honolulu, HI.

From left to right: Bob Duvall, Stephanie Bell-Rose, with David Ricardo Division winners Luke Leblanc, Elizabeth Hauer, Cody Richner, Jacob Devine, Team Coach - Thomas Stockard

Established in 2000, with the support of the Goldman Sachs Foundation in a signature partnership with the Council for Economic Education, the Challenge is the only national economics competition for high school students. The competition honors students and teachers for their hard work and outstanding achievement, and showcases the critical need for an in-depth understanding of the subject.

"Knowledge of economics is a critical skill in the global economy," said Stephanie Bell-Rose, President of The Goldman Sachs Foundation. "These students have the potential to become leaders in the future."

The final competition was held at the Scholastic Auditorium New York City, where over 200 educators, students and economists were in attendance. Connie Mitchell-Ford from the Wall Street Journal, co-hosted the event with Robert Duvall, President and CEO of the Council. Teams were required to answer rigorous questions about complex economic concepts and theories of micro- and macroeconomics, international economics, and current events in an oral quiz bowl tournament style. First and second place teams and their teacher-coaches were awarded over $100,000 in US Savings Bonds for their winning efforts in the national and regional competitions.

"These young people from across the nation have demonstrated that they are among the best and the brightest," said Robert Duvall. "This is the ninth National Economics Challenge competition that we have hosted, and year after year, the students continue to amaze us with their expertise and knowledge of economics. The students are an inspiration! They demonstrate and confirm the value of the Council's mission."

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.