Consider hypothetical balance-of-payments data for Canada presented in the following table.

Complete the following table by selecting the correct value for each missing entry.

Complete the following table by selecting the correct value for each missing entry. Current Accounts Canadian merchandise exports Canadian merchandise imports Merchandise trade balance Canadian service exports Canadian service imports Services balance Goods and services balance Net investment income from abroad Net unilateral transfers Current account balance Financial Accounts Change in Canadian-owned assets abroad Change in foreign-owned assets in Canada Financial account balance Statistical discrepancy Net balance Balance of Payments (Billions of dollars) +85 -71 l +35 L -10 +4 -2 -4 T -48 +40 L +10 Suppose an Argentine logging company purchases Canadian-made Chainsaws. This would be entered as a V item under the V section of the Canadian current account. According to the table, Canada is running a trade V in goods and services. The current account balance suggests that Canadian current account transactions (exports and imports of goods and services and inows and outflows of investment income and transfers) created outpayments of foreign currencies from Canada that were v the inpayments of foreign currencies to Canada. Any surplus or decit in one account must be offset by decits or surpluses in other balance-ofpayments accounts. Because the current account is in v , the excess of Canadian currency held by foreigners must either be loaned to Canadians or used to buy Canadian stocks or bonds. All of these transactions are then recorded in the V account. Since any imbalance in one account automatically leads to an equal, but opposite, imbalance in the other, the balance of payments is always 7