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Seventeenth-century philosopher John Locke stated that as much as 99

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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 21 Nov 2018, 06:23
4/6
7 mins.
Rushed through with the passage. Could have taken a couple more minutes in this though.
I'd say a 650-700 passage.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 22 Nov 2018, 10:35
GMATNinja VeritasKarishma

Which of the following best describes the organization of the passage?

(A) The author explores the origins of a theory and explains why the theory never gained widespread acceptance.

(B) The author introduces the premise of a theory, evaluates the premise by relating it to objective reality, then proposes a modification of the theory.

(C) After quoting a well-known authority, the author describes the evolution of a theory, then traces its modern form back to the original quotation.

(D) After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

(E) After tracing the roots of a theory, the author attempts to undermine the theory by discrediting its originator.

Why E is not the answer?
Here root of theory is John Locke statement.

The labor theory of value systematically disregards the productive contribution of capital goods???a failing for which Locke must bear part of the blame.

Here he is undermining it (disregards ,a failing) ,and discredits originator(Locke must bear blame)

D says
After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

Ok precursor cited,theory outlined but where is it refuted?
Please expln difference between D and E
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 23 Nov 2018, 04:27
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vanam52923 wrote:
GMATNinja VeritasKarishma

Which of the following best describes the organization of the passage?

(A) The author explores the origins of a theory and explains why the theory never gained widespread acceptance.

(B) The author introduces the premise of a theory, evaluates the premise by relating it to objective reality, then proposes a modification of the theory.

(C) After quoting a well-known authority, the author describes the evolution of a theory, then traces its modern form back to the original quotation.

(D) After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

(E) After tracing the roots of a theory, the author attempts to undermine the theory by discrediting its originator.

Why E is not the answer?
Here root of theory is John Locke statement.

The labor theory of value systematically disregards the productive contribution of capital goods???a failing for which Locke must bear part of the blame.

Here he is undermining it (disregards ,a failing) ,and discredits originator(Locke must bear blame)

D says
After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

Ok precursor cited,theory outlined but where is it refuted?
Please expln difference between D and E


There is a problem with (E).
What is the meaning of "the author attempts to undermine the theory by discrediting its originator"?

When you discredit someone, you defame him. You try to injure his reputation.
Say, you may discredit the originator by questioning his intellect/reasoning capability/character etc.
The passage does not discredit the originator - Locke's intellectual heirs. It doesn't discredit Locke either.
The passage questions the theory itself and then links it back to Locke.

This is what (D) says. Hence answer is (D)
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 24 Nov 2018, 04:17
VeritasKarishma wrote:
vanam52923 wrote:
GMATNinja VeritasKarishma

Which of the following best describes the organization of the passage?

(A) The author explores the origins of a theory and explains why the theory never gained widespread acceptance.

(B) The author introduces the premise of a theory, evaluates the premise by relating it to objective reality, then proposes a modification of the theory.

(C) After quoting a well-known authority, the author describes the evolution of a theory, then traces its modern form back to the original quotation.

(D) After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

(E) After tracing the roots of a theory, the author attempts to undermine the theory by discrediting its originator.

Why E is not the answer?
Here root of theory is John Locke statement.

The labor theory of value systematically disregards the productive contribution of capital goods???a failing for which Locke must bear part of the blame.

Here he is undermining it (disregards ,a failing) ,and discredits originator(Locke must bear blame)

D says
After citing a precursor of a theory, the author outlines and refutes the theory, then links its flaw to the precursor.

Ok precursor cited,theory outlined but where is it refuted?
Please expln difference between D and E


There is a problem with (E).
What is the meaning of "the author attempts to undermine the theory by discrediting its originator"?

When you discredit someone, you defame him. You try to injure his reputation.
Say, you may discredit the originator by questioning his intellect/reasoning capability/character etc.
The passage does not discredit the originator - Locke's intellectual heirs. It doesn't discredit Locke either.
The passage questions the theory itself and then links it back to Locke.

This is what (D) says. Hence answer is (D)


VeritasKarishma Mam i cannot thank you enough for all the help you do,u have replied to each and every query of mine. That is really so nice of u.Hearty thanks :) :please
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 03 Mar 2019, 03:26
In question 3, what the answer is not choice E "The terms ???capital goods??? and ???consumer goods??? were coined by modern economists and do not appear in Locke's writings."
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 07 Apr 2019, 00:05
Could someone help to explain option E is correct for question 5?

This is what I understood from the last paragraph of the passage:

The labor theory failed to take into account the productive contribution of capital goods.

The question is asking for a statement that supports the labor theory right? I felt that option E acted more as a weakener rather than strengthening the labor theory of value. Could someone please help provide some insight on this? thank you
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 16 Apr 2019, 00:59
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Leonaann wrote:
Could someone help to explain option E is correct for question 5?

This is what I understood from the last paragraph of the passage:

The labor theory failed to take into account the productive contribution of capital goods.

The question is asking for a statement that supports the labor theory right? I felt that option E acted more as a weakener rather than strengthening the labor theory of value. Could someone please help provide some insight on this? thank you

From the first paragraph, we know that the formulators of the labor theory of value (LTOV) believed that:

  • "100 percent of the value of any product is generated by labor (the human work needed to produce goods)," and that
  • "therefore the employer who appropriates any part of the product’s value as profit is practicing theft."

Question #5 asks how a proponent of this theory argue against the following:
Quote:
The labor theory of value systematically disregards the productive contribution of capital goods—a failing for which Locke must bear part of the blame.

So, how would someone who believes that "100 percent of the value of any product is generated by labor" respond to the charge that he/she is disregarding the "productive contribution of capital goods"?

Take a look at answer choice (E):
Quote:
(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.

Here, a proponent of the LTOV is arguing that capital goods are just like any other goods -- they are products of labor. Because human work was required to create the capital goods in the first place, anything that capital goods produce can be attributed back to labor. So, the LTOV is not "systematically disregard[ing] the productive contribution of capital goods," but rather saying that the value of capital goods, like that of any other good, is generated by labor. (E) is the correct answer for question #5.

I hope that helps!
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 13 May 2019, 23:45
VeritasKarishma why not d over e. Even if capital goods are human made,its contribution is allocated to capital goods:--
in this line ''human effort is required to produce goods for the consumer market, effort is also invested in making capital goods (tools, machines, etc.), which are used to facilitate the production of consumer goods.
So, capital goods allocation means we pay people who make machines their due. Can't understand why d is wrong!

Which of the following arguments would a proponent of the labor theory of value, as it is presented in the first paragraph, be most likely to use in response to lines 23–25 (last sentence in bold) ?

(A) The productive contributions of workers and capital goods cannot be compared because the productive life span of capital goods is longer than that of workers.

(B) The author's analysis of the distribution of income is misleading because only a small percentage of workers are also shareholders.

(C) Capital goods are valuable only insofar as they contribute directly to the production of consumer goods.

(D) The productive contribution of capital goods must be discounted because capital goods require maintenance.

(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99  [#permalink]

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New post 14 May 2019, 21:52
1
gmat8998 wrote:
VeritasKarishma why not d over e. Even if capital goods are human made,its contribution is allocated to capital goods:--
in this line ''human effort is required to produce goods for the consumer market, effort is also invested in making capital goods (tools, machines, etc.), which are used to facilitate the production of consumer goods.
So, capital goods allocation means we pay people who make machines their due. Can't understand why d is wrong!

Which of the following arguments would a proponent of the labor theory of value, as it is presented in the first paragraph, be most likely to use in response to lines 23–25 (last sentence in bold) ?

(A) The productive contributions of workers and capital goods cannot be compared because the productive life span of capital goods is longer than that of workers.

(B) The author's analysis of the distribution of income is misleading because only a small percentage of workers are also shareholders.

(C) Capital goods are valuable only insofar as they contribute directly to the production of consumer goods.

(D) The productive contribution of capital goods must be discounted because capital goods require maintenance.

(E) The productive contribution of capital goods must be attributed to labor because capital goods are themselves products of labor.



To produce consumer goods, we need capital goods (machines etc) and labour.

Labour theory states that 100% contribution should be attributed to labour only.

(E) explains why the contribution of capital goods should be attributed to labour too (and hence attribute 100% to labour) - because labour creates capital goods too. So it makes sense to attribute everything to labour.

(D) is not very logical. Capital goods require maintenance is not a valid reason for discounting them and attributing their contribution to labour.
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Re: Seventeenth-century philosopher John Locke stated that as much as 99   [#permalink] 14 May 2019, 21:52

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