Zowie! Surfboards Has the Following Production Function

question 105

Multiple Choice

Zowie! Surfboards has the following production function.
If surfboards sell for $30 and the nominal wage rate is $200,how many workers should the firm employ?

• A)2
• B)3
• C)4

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Definitions:

Karl Marx

A 19th-century philosopher, economist, and revolutionary socialist whose work in economics laid the basis for much of the current understanding of labor and its relation to capital.

Capital Goods

Items used in the production of goods and services, such as machinery, tools, and buildings, rather than goods consumed directly by end users.

Meager Wages

Very low remuneration for work that often does not suffice for basic living expenses.

Economic System

Refers to the structure and methods by which a society manages and allocates its resources, including how goods and services are produced, distributed, and consumed.