A lack of current saving can be offset by borrowing, but the availability of borrowing is limited by the prospects for future saving

Iceland can produce 32 units of food per person per year or 8 units of clothing per person per year, but Lavaland can produce 16 units of food per year or 8 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 both a comparative and absolute advantage in producing food.

According to the Bureau of Labor Statistics, to be officially unemployed a person must:

A. be in the labor force. B. be 21 years of age or older. C. have lost a job. D. be waiting to be called back from a layoff.