One advantage of exchange traded funds relative to open-end mutual funds is:

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• In any country the wages commanded by laborers who have comparable skills but who work in various industries are determined by the productivity of the least productive unit of labor, i.e., that unit of labor which works in the industry which has the greatest economic disadvantage. We will represent the various opportunities of employment in a country like the United States by symbols: A, standing for a group of industries in which we have exceptional, economic advantages over foreign countries; B, for a group in which our advantages are less; C, one in which they are still less; D, the group of industries in which they are least of all.

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