Balance of payments accounting. For the following international transactions, identify the balance of payments accounts and whether the transaction would generate an inflow or an outflow of foreign exchange for the two countries involved.

■ U.S.-based General Electric (GE) sells 25 air turbines to Airbus-France for the total sum of $500 million.

■ U.S.-based Goldman Sachs advises the French government for the partial privatization of state-owned utility Gaz de France for a lump sum of $10 million.

■ American Airlines purchases five propeller aircrafts from Canada-based Bombardier for the total amount of $75 million.

■ TIAA-CREF—the pension fund of American college professors—purchases 1 million shares of South Africa’s Standard Bank for $16 million.

■ Air France purchases $2.5 million of jet fuel at Boston’s Logan Airport. Payment is made directly from Air France’s bank account with State Street in Boston.

■ Hong Kong–based Cathay Pacific pays a $25 million annual lease on two Boeing 777s to U.S.-based lessor GE Capital.

■ The University of Minnesota enrolls 600 Chinese students, who each pay

$15,000 in annual tuition. Each Chinese student spends $7,500 a year for lodging and food; 300 students take loans in the amount of $5,000 each from the Hong Kong branch of Citigroup; 300 students receive full scholarships for their tuition from the U.S.-based Fulbright Association.

■ A group of 25 U.S. tourists visit the Greek islands aboard a Norwegian cruise ship for the total cost of $125,000. The cruise ship is insured with American International Group (AIG), the U.S. insurance carrier, for $10,000.

■ Ten U.S. students from Pennsylvania State University spend their junior year spring semester at the University of Geneva. They pay $2,500 each in tuition to the Swiss university, and each spends $3,000 for lodging, food, and books while in Geneva.

■ The Colombian drug cartel delivers 100 kg of heroin to its distributor in Miami, who pays $25 million in cash.