Walmart's "pull-factor" can be beneficial to a community by encouraging
A. suppliers to offer their employees higher wages and more attractive fringe benefits.
B. dissatisfied employees to apply for work at other local "Mom and Pop" retailers.
C. labor union activists to move permanently into the area.
D. other "big box" retailers to locate nearby.
Answer: D
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Specialization and the Division of Labor
Read Chapter 1 (Book 1) of Adam Smith's Wealth of Nations. Question:
- Explain in your own words why Smith argues that specialization and division of labor increases a nation's productive capacity
By driving onto a congested road for which no toll is charged, a driver
a. contributes to the overuse of a common resource. b. contributes to a negative-externality problem. c. is inflicting additional time cost on all of the other drivers. d. All of the above are correct.
Which statement is false?
A. Differences in wage rates are partially explained by differences in productivity. B. In general, when output per labor-hour increases, real wages rise by a larger percentage. C. The demand for labor in a particular market is the sum of all the firms' MRP curves. D. If you are earning $20,000 a year today and you were to earn $40,000 a year 10 years from now, your money wages have increased.
If the price of a product falls too much, the producer can ________________the market.
Fill in the blank(s) with the appropriate word(s).