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Explain how each of the following transactions generate two entries- a credit and a debit- in the Canadian balance of payments account, and describe how each entry will be classified:
(i). During travel in France, a Canadian citizen buys a dinner in a French restaurant for $100 and pays with a visa credit card. [2.5 points]
(ii). A Canadian-owned factory in Britain used local earnings to buy additional machinery. [2.5 points]
(B). Assumed in a closed economy:
Y= C + I + G
C= a + b(Y - T)
T= d + tY
Where, Y = Output, I = Investment, G = Government expenditure, C = Consumption and T = Taxes
a, b, c and d 0
(i).What are the endogenous and exogenous variables in this model?
(ii). What is the equilibrium value of Y?
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