Question

n 2010, the country of Vesey exported goods worth $312 billion and services worth $198 billion. It imported goods worth $525 billion and services worth $255 billion. It sent $1.2 billion in famine relief to Africa, and received $3 billion to support its first democratic election efforts. What was the current account balance in Vesey for 2010 in US Dollars?

Answer 1

Answer:

current account balance = $271.8 billion

Explanation:

given data

exported goods worth = $312 billion

exported services worth = $198 billion

imported goods worth =  $525 billion

imported services worth = $255 billion

sent famine relief to Africa = $1.2 billion

received = $3 billion

to find out

current account balance in Vesey

solution

we know that current account balance as

current account balance = total expenses - total revenue .............1

here

total expenses are = $525  + $255 + $3 = $783 billion

and total revenue = $312 + $198 +$1.2 = $511.2 billion

so from equation 1

current account balance = $783 billion - $511.2 billion

current account balance = $271.8 billion