Econ434MC8A

Econ434MC8A - Topic 8: Austrian Economics 1. Aristotle...

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1. Aristotle crudely distinguished between the “value in use” and the “value in exchange” of a good. His concept of “value in use” is most closely related to: (a) Richard Cantillon’s concept of “intrinsic value.” (b) the Austrian emphasis on subjective value. (c) John Locke’s labor theory of value. (d) prices as determined by both supply and demand, per William Stanley Jevons. (e) Karl Marx’s surplus value. 2. The subjective approach to pricing advocated by Austrian economists suggests that: (a) the value of anything equals its cost of production. (b) prices should be set by the government. ( c) the value of anything is whatever someone is willing to pay for it. (d) prices should be determined by voting. 3. The English poet Samuel Butler’s assertion that “The value of a thing is just as much as it will bring” is most compatible with: ( a) Austrian economic theory. (b) German historicism. (c) John Locke’s theory of property rights. (d) Adam Smith’s theory of the invisible hand. (e) Aristotle’s Nichomachean Ethics. 4. According to David Ricardo, differences in land rents depend on differences in fertility. Johann H. von Thünen instead argued that land rents depend far more on: (a) the aesthetics of the scenery. (b) location. (c) population density. (d) subjective evaluations. 5. David Ricardo believed that land rent depends chiefly on relative fertility. Johann H. von Thünen argued, instead, that the most important determinant of rent is: (a) population density. (b) aesthetic attractions. (c) location. (d) subjective individual values. 6. A very early Austrian economist now credited with developing or elaborating early (and sometimes crude) versions of a number of important aspects of modern theory, such as the concepts of economic rent, diminishing returns, opportunity costs, the marginal productivity theory of wages, and the economic theory of location was: (a) Friedrich von Wieser. (b) Karl Marx. (c) Jules Dupuit. (d) Johann von Thünen . 7. A theory that helps explain why land costs more in downtown Paris than in the French countryside was developed by: (a) Thomas Malthus. (b) David Ricardo. (c) Johann H. von Thünen. (d) François Quesnay. 8. The economics of crime and punishment were not among topics emphasized in the theorizing of: (a) Edwin Chadwick. (b) Jeremy Bentham. (c) Gary Becker. (d) Johann Heinrich von Thünen. 9. A real estate agent who loudly proclaims that property values depend on “ first, location; second, location; and third, location ,” is echoing a theory formalized into a mathematical equation by the pioneering economic thinker: (a) David Ricardo (b) Henry George. (c) Johann von Thünen . (d) William Stanley Jevons. (e) William Petty. (f) Edmund Burke. 1
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This note was uploaded on 01/12/2010 for the course ECON 434 taught by Professor Byrns during the Spring '09 term at UNC.

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Econ434MC8A - Topic 8: Austrian Economics 1. Aristotle...

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