The fastest growing source of federal tax revenue is the _____ tax.

Iceland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Lavaland can produce 36 units of food per year or 18 units of clothing. Which of the following is true? a. Iceland has both a comparative and absolute advantage in producing food

b. Iceland has a comparative advantage, but not an absolute advantage in producing food. c. Lavaland has both a comparative and absolute advantage in producing clothing. d. Lavaland has an absolute advantage, but not a comparative advantage in producing clothing.

The issue of fairness versus efficiency arises

a. only in a command economy. b. only in a market economy. c. in neither a command nor a market economy. d. in both a command and a market economy.