The Essence of Karl Marx's Theory of Value Is That

question 126

Multiple Choice

The essence of Karl Marx's theory of value is that:

• A) the proletariat will eventually rise and overthrow the capitalistic system.
• B) the value of any commodity is determined by the amount of labor time used in its production.
• C) all great political, social, intellectual, and ethical changes are based on the organization of economic systems.
• D) the surplus value that belongs to capitalists is stolen by workers in order to expand and perpetuate the capitalistic system.

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Definitions:

Rats

Small to medium-sized rodents known for their sharp teeth and adaptability, often used in scientific research or considered pests.

Utility Function

A mathematical representation that ranks preferences or satisfaction levels of an individual or household for different bundles of goods and services.

Consumption

Domestic consumption of various goods and services.

Interest Rate

The annual percentage yield that is charged as interest for borrowing money or paid to investors as a return on investment.