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 = NX goods + N X service + NIcredit - NIdebit + SecNI, (2) NX NI where NXgoods illustrates exports and imports of goods, NXservice illustrates exports and imports of services, NIcredit is factor income from factors of production located abroad, and NIdebit 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 Income for Net Unilateral Transfers, decompose the current account balance by assigningeither (+) 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