Read the U.S balance of payments for 2013 below. Then I have to write to the Commerce Secretary of the United States: Wilbur Louis Ross Jr.

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Read the U.S balance of payments for 2013 below. Then I have to write to the Commerce Secretary of the United States: Mr. Wilbur Louis Ross Jr., explaining the issue with the trade deficit before explaining in detail, how to turn the trade deficit into a surplus. Support each of your assertions or recommendations with the theories of the law of demand and supply, determinants of demand and supply, and the theories of price elasticity of demand, income elasticity of demand, and cross price elasticity of demand. The U.S. Balance of PaymentsThe balance of payments is a summary statement of a country's international transactions. The major components of that activity are the trade balance (merchandise exports minus merchandise imports), the current account balance (trade, services, and transfers), and the capital account balance. The net total of these balances must equal zero because the quantity of dollars paid must equal the quantity received.Items Amount ($ Billions) 1.. Merchandise exports $1,593 2.. Merchandise imports $(2,294) 3.. Service exports $687 4.. Service imports $(462) Trade Balance (items 1-4) $-476 5.. Income from U.S overseas investments $780 6.. Income outflow for foreign-own U.S. investments $(580) 7.. Net transfers and pensions $(124) Current account balance (items 1-7) $-400 8.. U.S capital inflow $1018 9.. U.S capital outflow $-645 Capital account balance (items 8-9) $373 10.. Statistics discrepancy $27 Net balance (items 1-10) $0Source U.S Department of Commerce (2013 data).

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Read the U.S balance of payments for 2013 below. Then I have to write to the Commerce Secretary of the United States: Wilbur Louis Ross Jr.

  • Written in: 17-Oct-2019
  • Paper ID: 348775
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