Winners of the Federal Reserve ‘Teen Jeopardy’ ChallengeFebruary 19th, 2013
To celebrate the 100th anniversary of the passing of 1913 Federal Reserve Act ‘Teen Jeopardy’ featured the Federal Reserve as a category. We took the opportunity to test the knowledge of our readers against the young luminaries of Teen Jeopardy. Last week we held a contest to give away some sweet Silver Circle merch. I’ve emailed the winners of the contest, but for everyone’s benefit we’ve got the questions to the Jeopardy answers we posted last week.
So let’s take a look
$400 – One spur to create a Central Banking System was the 1907 financial event called this type of overpowering fear.
What is Panic?
$800 – The Fed controls how much money is out there party by buying or selling T-bills, “T” for this cabinet department.
What is Treasury?
We also accepted Randall Perry’s answer, “What is Treason?”
$1,200 There are 12 Federal Reserve banks. The one for the 12th district is in this city.
Where is San Francisco?
$1,600 The Fed raises interest rates when it’s worried about this, a steady rise in consumer price.
What is Inflation?
This is where our readers really shined. They not only recognized the response the Jeopardy folks were looking for, but recognized why that response was wrong. Inflation is not a rise in consumer prices. A rise in consumer prices is a symptom of inflation. Inflation is an increase in the money supply. We also accepted “What is Stagflation.”
$2,000 This current Fed Chairman is the author of a book on the Great Depression.
Who is Ben Bernanke?
Bernanke’s book may actually be the only paper product more worthless than the US dollar. We also accepted “Helicopter Ben” and “Hindenburg Ben.”