$$\begin{array} { | l | r | }
\hline \text { U.S. goods exports } & + \$ 390 \
\hline \text { U.S. goods imports } & - 498 \
\hline \text { U.S. service exports } & + 133 \
\hline \text { U.S. service imports } & - 107 \
\hline \text { Net investment income } & + 12 \
\hline \text { Net transfers } & - 22 \
\hline \text { Capital account } & - 5 \
\hline \text { Foreign purchases of U.S. assets } & + 156 \
\hline \text { U.S. purchases of foreign assets } & - 59 \
\hline
\end{array}$$ The accompanying table contains hypothetical data for the U.S. balance of payments in a year. All ?gures are in billions of dollars. The balance of trade in goods and services was a(n)

Question

$$\begin{array} { | l | r | } 
\hline \text { U.S. goods exports } & + \$ 390 \
\hline \text { U.S. goods imports } & - 498 \
\hline \text { U.S. service exports } & + 133 \
\hline \text { U.S. service imports } & - 107 \
\hline \text { Net investment income } & + 12 \
\hline \text { Net transfers } & - 22 \
\hline \text { Capital account } & - 5 \
\hline \text { Foreign purchases of U.S. assets } & + 156 \
\hline \text { U.S. purchases of foreign assets } & - 59 \
\hline
\end{array}$$ The accompanying table contains hypothetical data for the U.S. balance of payments in a year. All ?gures are in billions of dollars. The balance of trade in goods and services was a(n)

Quizplus · Accepted Answer

The balance of trade in goods and services is calculated by adding the exports and subtracting the imports of both goods and services. For goods, the U.S. has exports of $390 billion and imports of $498 billion, resulting in a deficit of $108 billion. For services, the U.S. has exports of $133 billion and imports of $107 billion, resulting in a surplus of $26 billion. Combining these, the total balance of trade in goods and services is a deficit of $82 billion ($108 billion deficit in goods offset by a $26 billion surplus in services).

The Accompanying Table Contains Hypothetical Data for the U