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Please enter the number associated with each transaction listed below in the proper cells in the followingtable.CreditDebitGoods / Merchandise8 (35)4 (65)Service3 (10)Net Investment Income2 (5)Unilateral Transfers5 (18)Capital Account6 (8)1 (15)Official Reserve7 (6)2. Based on the transaction amounts, please calculate the following Balance of Payment accounts:Balance of Trade(35 + 10) - (65) = - $20 millionCurrent Account Balance(35 + 10 + 5) - (65 + 18) = - $ 35 millionList of transactions1. A $15 million bond issue in the US by the Japanese Govt 2. Americans receiving $5 million in coupon payments on Japanese Govt bonds.3. $10 million casino revenue in Atlantic City from Asian tourists.4. $65 million wheat purchase by US from Canada5. $18 million US military assistance to Pakistan6. Sale of $8 million British Govt Bonds by the US Federal Reserve 7. Purchase of $6 million Euros by the US Federal Reserve 8. Sale of $35 million worth of tennis rackets in Asia by Wilson.Q4. (22 points)Please circle the right words or phrases in the statements listed below:a) If inflation rate in the USis 5% while the Japanese inflation rate is 3%, then:(i) US exports to Japan would: decrease(ii) US imports from Japan would: increase(iii) US trade deficit with Japan would: increaseb) If inflation rate in the US is 5% while the British inflation rate is 9%, then:(i) US exports to UK would: increase(ii) US imports from UK would: decrease(iii) US Balance of Trade with UK would: increase