1.3. In the economy of Scottopia in 2008, exports equaled $400 billion of goods and $300 billion of services, imports equaled

$500 billion of goods and $350 billion of services, and the rest of the world purchased $250 billion of Scottopia’s assets.

What was the merchandise trade balance for Scottopia? What was the balance of payments on the current account in Scottopia?

What was the balance of payments on financial account?

What was the value of Scottopia’s purchases of assets from the rest of the world?