Suppose the following transactions occur during the current year:1. Clancy orders 40 bottles of wine from a French distributor at a price of $30 per bottle.2. A U. S. company sells 200 spark plugs to a Korean company at $5.00 per spark plug.3. Hubert, a U. S. citizen, pays $670 for a surfboard he orders from Greatwaves (a U. S. company).Complete the following table by indicating how the combined effects of these transactions will be reflected in the U. S. national accounts for the current year. Hint: Be sure to enter a "0" if none of the transactions listed are included in a given category and to enter a minus sign when the balance is negative.

Based on the information given, the imports and exports will be $1200 and $1000 respectively.

The imports for the bottles of wine will be:

= Quality of orders × Price

= 40 × 30 = $1,200

The exports for the bottles of wine will be:

Exports = Quality exported × Price

= 200 × 5 = $1,000

The consumption will be:

= 670 + 1200 = 1870

Net export will be:

= Export - Import

= 1000 - 1200

= -$200

In conclusion, the government purchases and investment will be $0.

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a) Consumption = $1,800

b) Imports = $1,200

c) Exports = $1,000

d) Net Export = -$200

e) GDP = $1,670

Explanation:

Consumption is the purchase of a domestic company.

Consumption = 670 + (40 × 30)

                       = 670 + 1,200

                       = $1,800

There no investment or government purchases, therefore they are zero "0"

Imports: the amount spent on purchases of foreign goods.

Imports = Quality of orders × Price

             = 40 × 30

             = $1,200

Exports: the amount spent by foreigners on domestic goods

Exports = Quality exported × Price

             = 200 × 5

             = $1,000

Net exports = Exports - Imports

                    = 1,000 - 1,200

                    = -$200

Gross Domestic Product = C + I + G + (X - M)

GDP = 1,870 + 0 + 0 + (1,000 - 1,200)

        = 1,870 + (-200)

        = 1,870 - 200

        = $1,670

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