A Giffen good could be either a normal good or an inferior good

The simplest device to analyze dynamic decisions is a

A) one-period model. B) two-period model. C) model that includes only the number of years of a typical consumer's lifetime. D) continuous time model.

In a market economy, private parties are more willing to do transactions when they know that the government is able to:

A. Investigate and arrest people at random B. Force people to do or not do things involuntarily C. Discriminate against one group or another in society D. Revoke private agreements and contracts