The table shows the amounts, in millions of dollars, of balances of various current account components for a nation in 2005. Use the information in the table to calculate the current account balance for 2005.

\begin{tabular}{|c|c|c|c|c|c|}
\hline
& Goods & Services & Income Payments & Unilateral Transfers & Account Balance \\
\hline
2005 & [tex]$-\$[/tex]924,179[tex]$ & $[/tex]\[tex]$340,471$[/tex] & [tex]$\$[/tex]191,400[tex]$ & $[/tex]-\[tex]$222,380$[/tex] & \\
\hline
\end{tabular}

Provide your answer below:

[tex]$\square$[/tex] million



Answer :

To calculate the current account balance for 2005, we need to sum up the individual components given in the table. The components are as follows:

- Goods: [tex]\(-\$ 924,179\)[/tex] million
- Services: \[tex]$ 340,471 million - Income Payments: \$[/tex] 191,400 million
- Unilateral Transfers: [tex]\(-\$ 222,380\)[/tex] million

Let's add these components step by step:

1. Start with Goods:
- Goods = [tex]\(-\$ 924,179\)[/tex]

2. Add Services:
- Goods + Services = [tex]\(-\$ 924,179 + \$ 340,471 = -\$ 583,708\)[/tex]

3. Add Income Payments:
- Previous total + Income Payments = [tex]\(-\$ 583,708 + \$ 191,400 = -\$ 392,308\)[/tex]

4. Add Unilateral Transfers:
- Previous total + Unilateral Transfers = [tex]\(-\$ 392,308 + (-\$ 222,380) = -\$ 614,688\)[/tex]

Therefore, the current account balance for 2005 is:
[tex]\[ -\$ 614,688 \text{ million} \][/tex]

So, the current account balance for 2005 is:
[tex]\[ \boxed{-614688} \text{ million} \][/tex]