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The central point of capitalism, as expounded by Karl Marx, is that

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JAMB 2001

The central point of capitalism, as expounded by Karl Marx, is that

  • A. capitalist profit is the surplus value obtained from workers labour
  • B. workers are inherently incapable of being owners of their labour
  • C. capitalists shall always increase worker earning capacity through wages
  • D. capitslists shall always readily consent to workers welfare demands.
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Correct Answer: Option A
Explanation

The central point of capitalism as expounded by Kari Marx is that capitalists' profit is the surplus value obtained from workers' labour.


According to Marx, workers produce more than what they get from employers. The capitalist employers buy the services of labour cheap, but they sell the goods produced by labour at a rate higher than the amount spent for the payment of wages, and the maintenance of the factory. They appropriate this excess as profit.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts