Suppose That Consumers Decide to Walk to Work More Frequently

question 16

Multiple Choice

Suppose that consumers decide to walk to work more frequently and drive cars less.Companies that make walking shoes hire workers,while automobile companies lay off workers.This is an example of

• A)frictional unemployment created by sectoral shifts.
• B)frictional unemployment created by efficiency wages.
• C)structural unemployment created by efficiency wages.
• D)structural unemployment created by sectoral shifts.

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Definitions:

JIT

Just-In-Time, an inventory management strategy that aims to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Competitive Advantage

The attribute or set of attributes that allows an organization to outperform its competitors by offering greater value to customers, either through lower prices or by providing more benefits and services.

Inventory

the stock of any item or resource used in an organization, encompassing raw materials, finished goods, and work in progress.

JIT Concept

Just-In-Time (JIT) is a management strategy aimed at aligning raw-material orders from suppliers directly with production schedules to reduce inventory costs.