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Iolani and Maryknoll Teams Capture 2011 State Economics Titles

High school teams from Iolani and Maryknoll Schools each claimed division titles in the 2011 Island Insurance Companies Economics Challenge. Hosted by the Hawaii Council on Economic Education on Monday, April 11, 2011 at the University of Hawaii Campus Center Ballroom, the spirited competition featured over 150 registered students from Hawaii private and public high schools, showcasing Hawaii’s outstanding high school economics students.

Reigning national champion Iolani claimed the Adam Smith division title for the seventh consecutive year while Maryknoll earned its first title in the competition’s history by placing first in the David Ricardo Division. Iolani will represent Hawaii in an online regional competition with regional winners moving on to the national finals in New York, May 21-22, 2011.

The winners of the Adam Smith division were Iolani students: Richard Chang, Mark Grozen- Smith, Bobby Huang, Tyler Tokunaga and. Andrew Wu. Winners for the David Ricardo division were Maryknoll students: Josephine Frame, Rikuro Fukusato, Devin Nagamine, Nathan Tobin and Christopher Wong. The Smith Division teams are students enrolled in advanced courses in economics. Ricardo Division teams are students enrolled in one-semester or less general economic courses.

“In a survey of Hawaii’s students, many did not understand current economic principles and concepts,” said Council Executive Director, Toni Takeno. “Students at this caliber deserve special recognition because they are challenging the current statistics,” she added.

During initial rounds of the competition, students tackled fun and challenging written tests of their economic understanding and reasoning ability. The final rounds of the Economics Challenge involved a “first-to-the-buzzer” lightning-fast “Jeopardy Style” format as teams answered questions on complex economic concepts and theories involving micro and macroeconomics, international economics, and current events.

“The knowledge and poise under pressure displayed by all participants were truly impressive,” said Nolan Kawano, Senior Vice President and Chief Financial Officer of Island Insurance. “Their exceptional performances show that Hawaii has many outstanding future economic leaders,” he added.

The Hawaii Council on Economic Education promotes the teaching of economics in Hawaii’s public and private schools to increase the economic and financial literacy of Hawai`i students and residents. The Council’s programs promote economic literacy and focus on the development of successful strategies for improving the quality of economic education.

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