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2021 Indiana Economics Challenge2


The Indiana Economics Challenge will be online again this year.

The Indiana Economics and Personal Finance Challenge is where students compete by taking an online exam (monitored by their teacher). Teams – three or four students – earning the highest combined score and the option to advance to the state finals (quiz bowl or case study). Challenges are open to middle and high school teams.

Student teams in the Economics Challenge can compete in one of two divisions: David Ricardo Division (Economics) or Adam Smith Division (Advanced Economics). Students competing in the Econ Challenge may also participate in the Personal Finance Challenge competitions.

When Is the Economics Challenge?


Now – March 17th

Indiana Economics Challenge Round 1 (Select a Date Between March 28th and April 14, 2022).

  • Teams will have up to one hour to complete the challenge.
    • There will be three topics on one test in the Indiana Economics Challenge for each division. Students have a combined maximum of 60 minutes to answer questions on all three topics.
    • The topics covered are as follows: Microeconomics;  Macroeconomics; & International Economics and Current Events.
    • Scoring in all rounds is based on the following system: +10 points for each correct response, 0 points for each incorrect response, and 0 points for no response.
    • All three topics will be included in one test, totaling 60 minutes.
    • There will be 15 questions for each topic.
    • Each member competes individually. The team score in each of the first three rounds is the sum of the top three individual scores from each round.
  • The challenge exam window begins March 28th and must be completed by 4:00 pm ET on April 14, 2022.

Indiana Economics State Finals Quiz Bowl 

  • The Quiz Bowl Final will take place between April 19 and April 30.  Date to be determined after qualifying.

  • The top two scoring teams in each division from different schools will qualify to compete in the quiz bowl round.
  • The high school state winner (a single team  in each division) will advance to the National Economics Competition in their division.

National Semi-Final (Online)

  • NPFC Semi-Finals: May 2-12, 2022 and will be scheduled with winning team.

National Final (In-person)

  • June 4-6, 2022


The David Ricardo Division is for students enrolled in one-semester (or less) general economics courses or courses which include introductory economic concepts (social studies, business, personal finance, etc.)  Courses must be taught be a secondary teacher.  Students are tested in the same areas as the Adam Smith Division; however, the questions for the David Ricardo Division may have a greater emphasis on economic application and less emphasis on economic theory. 

The Adam Smith Division is for students enrolled, currently or previously, in courses labeled Advanced Placement (AP Micro, AP Macro, or AP Micro and Macro), International Baccalaureate (pre-IB and IB), honors, two-semester, or any other advanced courses in economics (including courses taught by a secondary teacher where students earn college credit).  Courses must be taught be a secondary teacher.  Students who have participated previously in the Economics Challenge must compete in the Adam Smith Division.  This is also the division for home-schooled students.


The state competition format is as follows: 

Round 1 (1 hour) Students will have up to sixty minutes to complete this test which covers Microeconomics, Macroeconomics, International and Current Events. In Round 1, each team member completes the tests individually with the lowest score being dropped.  The teacher that registered students will monitor their testing.  

Quiz Bowl State Final Round.  After all schools have completed the first 2 rounds, the top 2 teams in each division will be invited to meet in an oral online Quiz Bowl to answer questions on a variety of economics topics.  The 2 teams meeting in an oral Quiz Bowl must be from different schools.

The Quiz Bowl winning teams from the David Ricardo Division and the Adam Smith Division are crowned the state champions. 

Registration and Rules

To register a team(s) using the National Economics Challenge portal, visit: and click on Indiana

    1. New teachers will Click on “Teacher Registration” and complete the online form.
    2. Once your registration is approved, you will receive an email asking you to log in to set up your team(s).
    3. Log back in and click “Create new team” to create your team(s) of 4 students in the appropriate division (David Ricardo or Adam Smith Divisions) Competing with 3 team members is acceptable, if necessary.  Click “Team Management Page” to create more teams.


  1. For rules, practice tests, and more information on preparing for the competition, visit: the National Economics Competition website.

For questions or more information, contact Jeff Sanson at ICEE.


State Champions:  David Ricardo/Adam Smith Divisions

State champions represent Indiana in the National Economics Challenge Semifinals.

First Place – each divisional site


Second Place – each divisional site


All Participants and Teachers/Coaches