Suppose after the semester ends, you take a trip to a tropical island. Upon arriving at the island, you make a stop at one of the markets and notice that everyone is carrying around jars full of little turtles
You also notice the person in line in front of you just paid for a bottle of rum with 6 turtles. Someone else just bought a straw hat for two turtles. Thinking back to your economics class (as painful as that may be), you would conclude that
A) turtle soup is a delicacy. B) turtles are valueless.
C) this is a barter economy. D) those little turtles are serving as money.
D
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Cooperative efforts to establish a regional free trade area in the Asian-Pacific corridor have been hampered by perceived security threats posed by China and Japan as well as
a. fears of fragmenting the global trading system. b. existing relationships with the U.S. as a trading partner. c. the current Trans Pacific Partnership. d. the wide range of forms of government.
Santiago wants to buy some milk and a box of cereal. If he buys 2 quarts of milk at $1 per quart, the box of cereal costs 75 cents. If he buys 3 quarts of milk at $1 per quart, the box of cereal is free. For Santiago, the marginal cost of the third quart of milk is
a. zero. b. 25 cents. c. 75 cents. d. $1.