Balance of Payments: Explain how the following transactions would be entered into the US balance of payments:
a. Macys purchases of $20,000 of wool socks from Australia.
b. An US citizen opens a $1,000 bank account in Switzerland.
c. A German citizen pays $600 with a credit card for her weekend stay at a Hotel in San Francisco
d. A US citizen receives a $2,500 dividend payment on the shares that he owns of BMW, a German company.
e. A disaster relief shipment of food valued at $10,000 from the US to the Philippines.
f. Chevron, a US company, buys $1 billion petroleum from the Saudi Arabian government, and the Saudis use the proceeds to buy a Las Vegas Hotel.
g. China's central bank purchases US dollars from a Chinese Bank.