Consider the following economics circumstance: In recent decades, the consumption tax rates in OECD countries have been rising. Imagine you are an economist in the OECD and are requested to write a short statement about the economic impact of a hike in the consumption tax rate on aggregate consumption and labor supply. Your analysis is as below. Choose the best description for each blank to complete the right explanation. (15) (a) a negative income effect and a substitution effect / (b) a positive income effect and a substitution effect/ (c) only a positive income effect / (d) only a negative income effect (16) (a) increases / (b) decreases / (c) does not affect (17) (a) cheaper than / (b) more expensive than / (c) equal to (18) (a) increase / (b) decrease / (c) not change (19) (a) higher / (b) lower / (c) unchanged (20) (a) rise / (b) fall / (c) not be unchanged (21) (a) rise / (b) fall / (c) rise or fall / (d) not change (22) Write down household's problem with the tax on consumption