Answer the question on the basis of the following 2008 balance of payments statement for Transylvania.All figures are in billions of dollars. $\begin{array}{c}
\begin{array}{lll}
\text { 1) Goods Exports}\
\text { 2) Goods Imports}\
\text { 3) Service Exports}\
\text { 4) Service Imports}\
\text { 5) Net Investment Income}\
\text { 6) Net Transfers}\
\text { 7) Foreign Purchases of Assets}\
\text { 8) Purchases of Foreign Assets}\
\text { 9) Balance on Capital Account}
\end{array}
\begin{array}{r}
+\$ 15 \
-17 \
+5 \
-2 \
-5 \
+4 \
+5 \
-11 \
+1
\end{array}
\end{array}$

Refer to the given data.In 2008 Transylvania realized a $1 billion surplus on goods and services.

Question

Answer the question on the basis of the following 2008 balance of payments statement for Transylvania.All figures are in billions of dollars. $\begin{array}{c}
\begin{array}{lll}
\text { 1) Goods Exports}\
\text { 2) Goods Imports}\
\text { 3) Service Exports}\
\text { 4) Service Imports}\
\text { 5) Net Investment Income}\
\text { 6) Net Transfers}\
\text { 7) Foreign Purchases of Assets}\
\text { 8) Purchases of Foreign Assets}\
\text { 9) Balance on Capital Account}
\end{array}
\begin{array}{r}
+\$ 15 \
-17 \
+5 \
-2 \
-5 \
+4 \
+5 \
-11 \
+1
\end{array}
\end{array}$

Refer to the given data.In 2008 Transylvania realized a $1 billion surplus on goods and services.

Quizplus · Accepted Answer

The surplus on goods and services is calculated as the difference between goods exports and goods imports, plus the difference between service exports and service imports. In this case, the surplus on goods is $15 - $17 = -$2 billion, and the surplus on services is $5 - $2 = $3 billion. Therefore, the total surplus on goods and services is -$2 billion + $3 billion = $1 billion.

Answer the Question on the Basis of the Following 2008