Question

20.Under the LTV, the value of a day’s labor is given by

a)a day’s wage as determined by the market

B)the lowest wage a worker would except

C)the wage that would just buy enough food to keep the worker alive for one day

d) all of the above

21.Marx believed that capitalism would come to an end when…

a)the workers rebelled against factory owners in a violent revolution

B)capitalists would compete each other out of business

c)the “reserve army of the unemployed” would rise up and seize the government

D)John Lennon would sing “Power to the People”

22.Marx’s predictions likely did not come true because

A)the military power of capitalist nations was too strong

b)economists convinced the public of the “evils of communism”

c)workers gained purchasing power as their wages increased

D)it was late on a Thursday afternoon and everyone was thinking about the weekend

Answer 1

Answer 20:

Correct option is option C.

Explanation:

Under the LTV, worker should get enough to fulfill their daily need of food and they should not think about the past accumulations and the future needs.

Answer 21:

Correct option is option B.

Explanation:

Marx believed that one day people will value only money and will fight each other in order to earn more and more money and then capitalist will capitalist would compete each other out of business.

Answer 22:

Correct option is option C.

Explanation:

When capitalists read the writings of Marx they started to work towards gaining confidence of workers and because of this predictions of Marx went wrong.