3) It is important in understanding an economy to be familiar with the relationships between the Current Account, Balance of Payments, Investment, and Savings. [Ra Notes 4-2, 4-3] a) What is the formula for the Current Account? If, in 2018, New Zealands imports were $77,397 million, exports were $79,609 million, and net foreign income was $11,282 million, what was the current account balance? b) Is the current account in surplus or decit? What does this mean in terms of New Zealands savings compared to the rest of the world and our international funds? c) Given that New Zealands nancial account balance in 2018 was $2,719 million, use the balance of payments equation to calculate the capital account balance. d) Give the formula for the Investment and Savings equation. [f national savings in New Zealand in 2018 was $20,590 million, what was investment in 2018? [Hint remember that private savings + government savings 2 national savings and that you worked out a current account balance earlier.] d) What are two things NZ could do to reduce foreign ownership of NZ assets (in terms of the investment and savings equation)