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The following table shows the value of credits and debits in four balance-of-payments accounts in the fictional economy of Gamros. Debits Credits Balance-of-Payments Account (Billions

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The following table shows the value of credits and debits in four balance-of-payments accounts in the fictional economy of Gamros.

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Debits Credits Balance-of-Payments Account (Billions of dollars) ( Billions of dollars) Merchandise 70 50 Services 20 20 Income Receipts 35 20 Unilateral Transfers 25 30 Total 150 120Size of Deficit or Deficit or Surplus Term How to Calculate Surplus (Billions of dollars) Current Account Balance Balance of TradeBased on the total values of Gamros's debits and credits there is money flowing out of Gamros to foreign countries than there is flowing into Gamros. This means that Merch. and Service Credits - Merch. and Service Debits Merchandise Credits - Merchandise Debits Sum of Credits - Sum of Debits Complete the following table Merchandise Debits - Merchandise Credits able. Sum of Debits - Sum of Credits Size of Deficit or Deficit or Surplus Merch. and Service Debits - Merch. and Service Credits Term Surplus (Billions of dollars) Current Account Balance Balance of TradeMerch. and Service Debits - Merch. and Service Credits Sum of Debits - Sum of Credits Complete the following table able. Merchandise Credits - Merchandise Debits Size of Deficit or Sum of Credits - Sum of Debits Deficit or Surplus Term Merchandise Debits - Merchandise Credits Surplus ( Billions of dollars) Current Account Merch. and Service Credits - Merch. and Service Debits Balance Balance of Trade

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