The longest expansion of the United States economy since 1925 began in:

If steel manufacturers expected that the price of steel was going to rise in the next six months, this would

a. have no change in the competitive market for steel b. lead to a decreased demand for steel c. lead to a decreased supply of steel d. increase the future demand for automobiles e. lead to a decrease in the quantity of steel supplied to the market

Adam Smith's diamond-water puzzle

a. can be resolved by distinguishing between marginal and total utility. b. occurs because diamonds have no utility. c. occurs because scarcity increases total utility. d. will likely never be resolved with existing economic tools.