A nominal wage increase displaces

A.the OAct curve to the left but leaves the OAlt curve unchanged.

B.the OAlt curve to the left but leaves the OAct curve unchanged.

C.the OAct and OAlt curves to the left.

D.The OAct curve to the left but we don't know about the OAlt.

E.None of the above.

Many tellers at financial institutions have lost their jobs as a result of the implementation of automated teller machines and the development of online transactions. These job losses are an example of unemployment:

A.structural;

B.cyclical;

C.frictional;

D.natural;

E.full employment

Aggregate demand is expanding when:

A.the interest rate increases;

B.the expected inflation rate increases;

C.taxes increase;

D.the price level falls;

E.none of the above.

Which of the following statements is false:

A.Increasing labor productivity increases the demand for labor.

B.Increasing labor productivity increases the real wage.

C.Increasing labor productivity increases the quantity of labor supplied.

D.Increasing labor productivity increases potential GDP.

E.Increasing labor productivity increases unemployment.

A rise in the real wage caused by a fall in the supply of displaced labour

A.the OACT and OALT curves to the right.

B.the OACT and OALT curves to the left.

C.the OACT curve to the left and leaves the OALT curve unchanged.

D.the OACT curve to the right and leaves the OALT curve unchanged.

E.the OALT curve to the left and leaves the OACT curve unchanged.