Problem 2: The table below provides a partial overview of the IMF's 2012 Balance of Payments. All amounts are in million US Dollars. Remember that the Current Account Balance follows: CA = NX + NI + NUT, (1) which can be written as CA = NXgoods + NXservce + NIc'redit _ NIdeb'it +SECNI-i (2) \ / \\'V" NX NI where N X goods illustrates exports and imports of goods, N X 33mm illustrates exports and imports of services, N Imam is factor income from factors of production located abroad, and N149\": is factor income from foreign factors of production located domestically leaving the economy. For each country below use the approximation of Primary Income* for Net Income and Sec ondary IncomeJr for Net Unilateral Transfers, decompose the current account balance by assigning *IMF, Balance of Payments and International Investment Position Manual, Chapter 11, 2007: \"Primary income represents the return that accrues to institutional units for their contribution to the production process or for the provision of nancial assets and renting natural resources to other institutional units.\" TIMF, Balance of Payments and International Investment Position Manual, Chapter 12, 2007: \"The secondary income account shows current transfers between residents and nonresidents.\" 2 either (+) or (-), and address whether each country absorbs more or less than its own production. CA CA/GDP NX Goods Services Primary NI Credit Debit Secondary NI China 193,139.15 2.35 231,844.88 317,598.33 -85,753.45 -42,139.43 160,441.49 202,580.92 3,433.7 Germany 240,743.21 7.02 205,418.04 240,191.05 -34,773.01 82,762.76 253,873.61 171,110.85 -47,437.59 Ireland 9,245.23 4.40 50,779.01 55,692.95 -4,913.94 -39,996.03 73,559.39 113,555.42 -1,537.76 South Africa -20,016.46 -6.26 -7,313.57 -4,756.36 -2,557.21 -8,901.82 5,937.93 14,839.75 -3,801.07 United States -440,423 -2.71 -534,611 -740,804 206,193 223,924 783,238 559,314 -129,736