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2002 ACF Fall - Packet by Kelly McKenzie (#4) - #4 [report this tossup]
Social Studies — Economics
The fourth section of chapter one concerns the "fetishism of commodities and the secret thereof", while chapter four provides a "general formula" for the titular subject while analyzing what the author designates as the C-M-C and M-C-M forms of circulation, the latter representing the desire to accumulate money for its own sake. Putting forth a controversial theory of commodity value in which a commodity is said to be worth the labor that went into it, the author then uses this theory to claim that employers can pay laborers less than the value of their labor since the employers control the "means of production". FTP, what is this work of economics by Karl Marx?
Answer: Das Kapital
2009 ACF Fall - Packet by Maryland A and CWRU - #8 [report this tossup]
Social Studies — Economics
According to the Heckscher-Ohlin model, this concept derives from differences in relative factor endowments. Paul Samuelson argued that this concept might not apply today because capital and labor can easily cross national borders. First illustrated by Robert Torrens in an essay on the Corn Laws, this concept was more famously illustrated by David Ricardo with the example of Portuguese wine and English cloth. For 10 points, name this concept that states that even absolutely advantaged countries can benefit from specialization and trade.
Answer: comparative advantage
2001 ACF Fall - Packet by Texas A&M - #7 [report this tossup]
Social Studies — Economics
Formally, this economics term is defined as the difference between the total return from a factor of production and its supply price; that is, the minimum amount necessary to attain a factor of production. Alfred Marshall analysed the "quasi" version, while the traditional use of this term refers to the special case of a specific factor of production which is always present in a fixed quantity and therefore has zero supply cost. FTP, identify this term, most commonly used to refer to the price paid for use of land.
Answer: economic rent
2008 ACF Fall - Packet by Dartmouth A - #21 [report this tossup]
Social Studies — Economics
This must decrease as rival firms' aggregate output increases in order for Cournot competition to hold, and if a strictly positive subsistence level is introduced to a CES function, this quantity becomes non-monotonic. It is given by price times the quantity 1 minus 1 over demand elasticity, showing that its sign is an indicator of elasticity. In oligopolies, this curve has a jump due to the kinked demand curve, and in monopolies, a deadweight loss is caused because this curve, and not demand, determines quantity sold. For 10 points, name this curve that generally marks equilibrium where it meets marginal cost, and which measures the added revenue of an additional unit sold.
Answer: marginal revenue [prompt on MR]
2006 ACF Fall - Packet by Drake A, MIT B, and Georgia Tech B - #10 [report this tossup]
Social Studies — Economics
With Albert Hunold, this man co-founded the Mount Pelerin Society, which was dedicated to the preservation of free societies. His Abuse of Reason project criticized social scientists' misuse of natural science principles, a practice he called "scientism." He wrote a critical review of Keyenes's A Treatise on Money, and Keynes returned the favor for this man's Prices and Production. His trade cycle theory was popular during the Great Depression, but he is most famous for a work in which he argues that socialist ideals lead to tyrrany, and that Nazi Germany and the USSR were on the titular journey. FTP, name this Austrian who shared the 1974 Nobel Prize in Economics with Gunnar Myrdal, the author of The Road to Serfdom.
Answer: Friedrich August von Hayek
2001 ACF Fall - Packet by Stanford - #21 [report this tossup]
Social Studies — Economics
The curve representing this quantity is always downward sloping due to Pigou's wealth effect, Keynes' interest-rate effect, and the Mundell-Fleming exchange-rate effect. In the Mundell-Fleming model, it can be stated by an equation that relates consumption as a function of disposable income and investment as a function of interest rates, net exports, and the GDP, all of which, when added together, equal the total income or output. FTP, what is this economics concept that represents the total demand for goods and services in an economy?
Answer: aggregate demand
2009 ACF Fall - Packet by Brandeis and UCLA A - #13 [report this tossup]
Social Studies — Economics
This economist asked “What need of a House of Commons or of a House of Lords?†in Observations on Parliamentary Reform. His namesake equivalence was popularized by Robert J. Barro. One of his works, subtitled “A Proof of the Depreciation of Bank Notes,†argues for the adoption of a metallic currency and is titled The High Price of Bullion. His most famous work sets out a theory of rent which was criticized by Malthus, as well as introducing the idea of comparative value. For 10 points, name this economist who wrote Principles of Political Economy and Taxation and espoused the Iron Law of Wages.
Answer: David Ricardo
2008 ACF Fall - Packet by Missouri - #18 [report this tossup]
Social Studies — Economics
This work discusses the growing importance of burghers in a section that explores the rise of towns after the fall of the Roman Empire. This work discusses the advantages of founding new colonies and uses a comparison of French and Portuguese wine to argue against protectionist tariffs in its fourth book, "Of Systems of Political Economy," which argues against the mercantilist system. Its first section supports the division of labor and discusses a pin factory, while it later argues that individuals acting due to self interest will benefit the market via the "invisible hand." For 10 points, name this major work of Adam Smith.
Answer: An Inquiry into the Nature and Causes of the Wealth of Nations
2007 ACF Fall - Packet by UCLA A - #15 [report this tossup]
Social Studies — Economics
Harvard's Robert Jensen and Nolan Miller attempted to prove their existence in China, and Battalio, Kagal, and Kogut's experiments with quinine water and lab rats proved that they can exist on the individual level. These entities can arise when the price of a good or service outstrips the consumer's tendency to purchase similar goods or services; that is, when the income effect is greater than the substitution effect. They were first postulated to exist in Alfred Marshall's Principles of Economics, which used the example of bread with meat as a substitute. FTP, name this kind of inferior good that people buy more of when the price goes up.
Answer: Giffen goods
2005 ACF Fall - Packet by UCLA - #3 [report this tossup]
Social Studies — Economics
A 1947 study by George Stigler analyzed this type of situation and called into question the curve primarily associated with this entity. That hypothesis was introduced in 1939 by Paul Sweezy in a paper about demand under this condition, which suggests that any participant in one of these envisions two different demand schedules for its output. Edward Chamberlin proposed a model to understand these situations, which was a revision of the solution outlined by the French economost Antoine Cournot. FTP, name this market situation in economics in which there are a few non-collusive, independent sellers.
Answer: oligopoly