What is the balance of payments?

The below information gives details on the U.S. balance of payments for 2010 ($ billion Source: Bur Show more The below information gives details on the U.S. balance of payments for 2010 ($ billion Source: Bureau of Economic Analysis). Exports of goods 1279.6 Imports of goods 1949.8 Exports of services 572.7 Imports of services 415.2 Factor income receipts 720.0 Factor income payments 514.1 Unilateral transfers (net inflows) -139.2 Private + official asset sales and purchases (net borrowing) 445.2 A) Calculate the current account and financial account balance. show all steps in your answer. What is the balance of payments? Why does this number not equal zero? B) The Fed recently voted to increase the federal funds rate. What effect did this likely have on international capital flows into the United States (increase or decrease)? Explain in 2-3 sentences. Show less

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