Let's go step by step to solve the problem.

Part 2: Net Factor Payments from Abroad

Net factor payments from abroad = Factor income received from the rest of the world - Factor payments made to the rest of the world

$\text{Net factor payments from abroad} = 5 - 7 = -2$

This is already given in the problem.

Part 3: Gross Domestic Product (GDP)

Gross National Product (GNP) is related to GDP as follows:

$\text{GNP} = \text{GDP} + \text{Net factor payments from abroad}$

We are given that:

$\text{GNP} = 215 \quad \text{and} \quad \text{Net factor payments from abroad} = -2$

Using the equation:

$\text{GDP} = \text{GNP} - \text{Net factor payments from abroad} = 215 - (-2) = 215 + 2 = 217$

This is also already provided.

Part 4: Net Exports

Net exports are related to the current account balance as follows:

$\text{Net exports} = \text{Current account balance}$

The current account balance is given as -30. Therefore:

$\text{Net exports} = -30$

Final Answers:

• Part 2: Net factor payments from abroad = -2
• Part 3: GDP = 217
• Part 4: Net exports = -30

Would you like further clarification on any part of the calculation? Here are 5 related questions to expand on the concept:

1. How does GDP differ from GNP, and why are net factor payments from abroad important in calculating both?
2. What is the significance of the current account balance in an economy?
3. Can a country have a negative net export and still have a growing economy?
4. How do government purchases and gross private domestic investment affect GDP?
5. What role do transfer payments and interest payments play in the economy?

Tip:

Always remember that GNP includes income from abroad (net factor payments), while GDP focuses strictly on domestic production.