Consumption spending includes spending on:
A. durables, nondurables, and services.
B. goods and services by federal, state, and local governments.
C. capital goods, residential housing, and changes in inventories.
D. stocks, bonds, and other financial instruments.
Answer: A
Economics
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When the wage increases, the substitution effect in the household's choices leads to
A) a decrease in consumption and leisure. B) a decrease in consumption and an increase in leisure. C) an increase in consumption and a decrease in leisure. D) an increase in consumption and leisure.
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The short-run Phillips curve shifts when there is a change in
a. technology b. money demand. c. the expected price level. d. the labor force. e. all of the above.
Economics