Teams from Hawaii and Missouri Capture Titles at the 2005 NCEE/Goldman Sachs Foundation National Economics Challenge

NEW YORK, May 25, 2005 -- Student teams from high schools in Hawaii and Missouri outpaced other regional champions in four separate final competitions to win their respective divisions and the title of National Champions in the 2005 NCEE/Goldman Sachs Foundation National Economics Challenge. The preliminary rounds began in February with more than 750 teams consisting of over 3,000 students participating in state and regional competitions across the country. The final rounds of the competition, for both the Adam Smith and David Ricardo Divisions, were held on May 23rd, 2005 before hundreds of students and guests at the New York Public Library in Manhattan.

The final rounds employ a "college bowl" format, as student teams are called upon to answer up to 30 questions on complex economic concepts and theories involving micro- and macroeconomics, international economics, and current events. With a time limit of 15 seconds to answer each individual question, the Hawaii team won the Adam Smith Division title on question number 27, which asked "What past economist is famous for advocating a single tax on land?" The Missouri team won the David Ricardo Division title on question number 29, which asked "If the exchange rate between U.S. dollars and Japanese yen was $1 = 100 yen, then one yen would be equivalent in value to what U.S. coin?"(Answers below)

The winner of the Adam Smith Division (for advanced placement, international baccalaureate and honors students) is from Iolani School, Honolulu, Hawaii. Team members are Reed Ayabe, Lara Malins, Tyler Mizumoto and Justin Van Etten. The team coach is Richard Rankin. The winner of the David Ricardo Division (for single semester students) is from Parkway Central High School, Chesterfield, Missouri. Team members are Ankaj Khosla, Jimmy Li, Derek Tesser and Sharon Traibersman. The team coach is Thomas Chambers.

"In this 5th year of this annual competition, I am pleased to report that once again, the students were awe inspiring in their knowledge of economics. It is a fine tribute to the teachers in our communities across the country working hard to ensure students are given the economic skills they will need to lead informed, productive lives," said NCEE's President and CEO, Robert F. Duvall.

"The Goldman Sachs Foundation is dedicated to developing leaders of tomorrow and we believe that business and economics education are critical tools needed to succeed in this arena," said Stephanie Bell-Rose, President of The Goldman Sachs Foundation, "We congratulate this year's winners and all of the participants in this year's Challenge. Their knowledge will prove indispensable not only to their future success, but that of the nation as well."

Following each division championship round, the teams and their teachers were presented with U.S. Savings Bond awards, team trophies and individual medals. U.S. Savings Bonds with an aggregate face value of $105,000 were awarded to the first and second place teams and their teacher-coaches. Members of the championship teams and their team coach each received a $3,000 bond. A $1,500 bond was awarded to each member of the second place teams and their team coach. The regional champions, or the eight student teams who competed for the Adam Smith and David Ricardo championship titles, with their team coaches, previously received a $1,000 savings bond apiece. Members of the second place teams in the regional competitions and their team coaches each received a savings bond of $500.

Robert Duvall served as the master of ceremonies for the David Ricardo Division finals and Jean Chatzky, Editor-at-Large, Money and Financial Correspondent for NBC's "The Today Show," hosted the Adam Smith Division finals. Together, with Stephanie Bell-Rose and John C. Whitehead, Chairman of the Goldman Sachs Foundation, they presented the awards to the winners.

The first runner-up team in the Adam Smith Division is from Hempstead High School, Dubuque, Iowa. Team members include John Lambert, Stephen Longfield, Ian Moodie and Matthew Stemper. Team Coach is Dennis Schroeder. The first runner up team in the David Ricardo Division is from Hibbing High School, Hibbing, Minnesota. Team member are Jacob Belanger, Peter Croswell, Jonathan Dykhuis and John Steinbauer. Team Coach is Scott Wolla, who is a 2005 regional winner of the NCEE's 2005 Teaching Awards competition, sponsored by NASDAQ.

NCEE and The Goldman Sachs Foundation created the National Economics Challenge in 2000 to promote student interest in economics, reinforce classroom instruction, advance academics and school spirit and reward scholarship. The National Economics Challenge is one of several key initiatives in NCEE's "Campaign for Economic Literacy" which seeks to focus public attention on the importance of economic literacy and the need for a high-quality, standards-based economic curriculum in every state.

The Goldman Sachs Foundation has awarded NCEE grants totaling over $2 million to launch its Advanced Placement Economics program and to support the Economics Challenge. The Foundation's goals are to promote excellence and innovation in education and to improve the acedemic performance and life long productivity of young people. The 2005 Challenge has additionally been sponsored by The Economist.

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About NCEE

NCEE is a non-profit organization dedicated to improving economic literacy. Through its nationwide network of state Councils and 230 affiliated university-based Centers for Economic Education, NCEE administers programs that annually reach over 120,000 teachers and over seven million students in 70,000 schools. For more than 55 years, NCEE has been helping thousands of young people in grades K-12 learn lifelong skills to enable them to become knowledgeable consumers, prudent savers and investors, responsible citizens and productive members of the workforce.

About The Goldman Sachs Foundation

The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants of $62 million since its inception, providing opportunities for young people in more than 20 countries.

Adam Smith answer: Henry George

David Ricardo Answer: Penny