The following table contains data for the U.S. balance of payments in a prior year. Answer the question on the basis of this information. All figures are in billions of dollars. U.S. goods exports +$793
U.S. goods imports -1573
U.S. exports of service +280
U.S. imports of services -222
Net investment income +5
Net transfers -81
Capital account -5
Foreign purchases of assets in the U.S. +1198
U.S. purchases of foreign assets -395
By how much did Americans forgive debt owed to them by foreigners than foreigners forgave debt owed to them by Americans?

Question

Quizplus · Accepted Answer

To determine the difference in debt forgiveness, we need to look at the net transfers. Net transfers are negative, indicating that Americans forgave less debt than foreigners forgave. Therefore, the answer is -$81 billion.

The Following Table Contains Data for the U