What does the labor theory of value imply about the wages workers are paid in a capitalistic society? Explain
What will be an ideal response?
According to the labor theory of value, workers are paid a subsistence wage. The owners of capital earn profit only because they pay workers less than the value of their production.
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Michael Jordan has more athletic ability than most individuals. Thus, he is more productive at most tasks involving physical skill. Explain why then, it is more efficient for Michael Jordan to pay someone else to mow his lawn
What will be an ideal response?
All of the following statements are true except
A. Until 1971 the United States had run a trade surplus virtually every year of the 20th century. B. The U.S. ran relatively small trade deficits through most of the 19th century. C. The U.S. was the only industrial power to raise tariffs during the 1930s. D. World trade in the 1930s dwindled to a fraction of what it had been in the 1920s.