If all countries produce the goods for which they have comparative advantages, all countries benefit with the increased production of goods with no additional resources being used

When deciding whether the economy has entered an economic recession, the NBER's Business Cycle Dating Committee examines and compares the behavior of various measures of broad activity

The measures the committee focuses on include all of the following except A) real GDP measured on the product and income sides. B) production data for specific, individual industries. C) economy-wide employment. D) real income.

Refer to Figure 14.3. Suppose the economy is initially at long-run equilibrium and the economy experiences a demand shock such as a stock market crash. This is best represented by an initial movement from

A) point C to point A. B) point C to point B. C) point C to point D. D) point D to point A.