a) The table below provides hypothetical data for a country's balance of payments. You can assume the balance on the capital account is zero. Account Billions of Dollars Exports of Goods $1280 Imports of Goods -$850 Exports of Services $320 Imports of Services -$210 Income received on investment $120 Overseas medical aid -$90 Increase in foreign holdings of assets $1450 Increase in holdings of assets in foreign countries -$2010 Using the above data calculate the following: (8 marks) i. The balance of trade on goods and services ii. The balance on the current account iii. The balance on the financial account iv. Net errors and omissions (if any) b) State whether each of the following statements is true or false, and briefly explain why. (4 marks) i. The major difference between an open economy and a closed economy is that an open economy is a market economy while a closed economy relies on central planning. ii. When Australia sends money to the Philippines to help typhoon survivors, the transaction is recorded in the capital account. ili. When an Australian investor buys a bond issued in a foreign country ceteris paribus, the balance on the financial account decreases. iv. If the value of goods and services exported from Australia is smaller than the value of goods and services imported, then Australia's balance of payments will be in deficit. Proctorio is sharing your screen. Stop s