Which of the following has NOT changed much as a percent of GDP over the last twenty years for the United States?
i. the official settlements account
ii. the capital and financial account
iii. the current account
A) ii only
B) ii and iii
C) iii only
D) i only
E) None of the above answers is correct because all three have had large swings over the last 20 years.
D
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The Walt Disney Company is in a position to use a two-part tariff policy in setting prices for admission and rides at Disney World. If this strategy resulted in maximum profit, Disney would convert all consumer surplus into profit
Which of the following explains why Disney does not maximize its profits from admission and rides? A) Disney purposely charges less than the profit-maximizing price for admission to Disney World because it does not want to risk alienating its customers. B) To maximize its profits, Disney would have to know the demand curves of each of its customers. Since this is not possible, Disney is not able to convert all consumer surplus into profit. C) Disney purposely charges less than the profit-maximizing price for admission to Disney World in order to earn more profit from sales of food, lodging, and other related services. D) Disney does not charge the profit-maximizing price for admission because it wants to keep admission affordable for children who will be more likely to visit Disney World when they become parents.
Often trade will not occur because
a. transaction costs are too high b. neither party has an opportunity cost c. the benefits to one party just equal the losses to the other party d. no one expects to gain from the trade e. the profits of the firm are excessive