Personal consumption expenditures include
a. all goods that business firms buy
b. the purchase prices paid for stocks and bonds by individual households
c. the construction of residential housing
d. all goods and services bought by households
e. the corrected value of housewives' services
D
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A backward-bending labor supply curve implies that
A) the substitution effect dominates the income effect at higher wage rates but not at lower wage rates. B) the substitution effect dominates the income effect at lower wage rates but not at higher wage rates. C) leisure is an inferior good. D) workers are irrational.
Suppose that the government imposes an excise tax on widgets. The portion of the tax borne by the buyer of widgets depends upon
a. elasticity of demand. b. income of buyers. c. size of the tax that is imposed. d. cross elasticity of demand between widgets and floogles.