Paper money, such as the U.S. dollar, the Israeli shekel, or the euro, that is not backed by and is not convertible into any other good, is called
a. gold-exempt money
b. specie money
c. paper-valued money
d. government-generated money
e. fiat money
E
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The unemployment that is caused by changes in the economy, such as shifts in manufacturing techniques, increased use of computers and electronic machines, and increases in the production of services instead of goods, is called
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) natural unemployment.
Under Scenario 18.1, suppose the body of water lies on an international boundary, and the fishermen speak a different language than the factory managers. The efficient outcome cannot be achieved if the cost of hiring translators for both parties:
A) is less than $4,000. B) equals $5,000. C) is greater than $6,000. D) none of the above
Which of the following is not a factor of production?
a. labor hours b. capital equipment c. acres of cultivatable land d. money e. physical plant or factory
Which of the following is an objective of fiscal policy?
A) energy independence from Middle East oil B) health care coverage for all Americans C) discovering a cure for Alzheimer's D) high rates of economic growth E) homeland security