Questions: 1 Consider the following information with a simplified balance of payments account for a hypothetical economy: Components $ billions Current transfers inflow 10 Current transfers outflow -5 Direct investment 8 Portfolio investment 12 Export Service 15 Import of Service -10 Other investment 7 Change in reserve assets 5 Export of Goods 50 Imports of Goods -70 Income inflow 5 Income outflow -32 Capital transfers Inflow 20 Capital transfers outflow -15 a. According to these figures, calculate the balance on net goods and services. b. According to these figures, calculate the balance of payments on current account. c. According to these figures, calculate the balance on the financial account. d. According to these figures, calculate the balance on capital account