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1. Use the following information to answer the questions below. Assume that the capital account is equal to 0. Net unilateral transfers Exports of goods and services Net increase in the U.S. government's nonreserve foreign assets Net increase in foreign ownership of U.S.-based nonreserve assets Net increase in U.S. private assets abroad Invest income received in the United States Net increase in U.S. ownership of official reserve assets Imports of goods and services Net increase in foreign ownership of U.S.-based reserve assets Investment income paid abroad by the United States 250 500 30 400 250 200 20 600 100 300

1. What is the current account balance? 2. Does the financial account equal the current account? 3. What is the statistical discrepancy?