Final answer:
A surplus item on the U.S. balance of payments would involve exporting goods or services, receiving more unilateral transfers, or earning income from abroad than the country pays out, not a U.S. resident purchasing French wine. This transaction is an example of an import and would contribute to a deficit, not a surplus.
Step-by-step explanation:
An example of a transaction that will be a surplus item on the U.S. balance of payments is actually not a U.S. resident purchasing French wine, as this represents an import, which would contribute to a deficit. Instead, a surplus item would be a situation where the country exports goods or services, receives unilateral transfers, or records net income from abroad that exceeds its expenditures in these categories.
Consider the balance of trade, which is a component of the current account in the balance of payments. When a country has a trade surplus, it indicates that its exports exceed its imports, suggesting that financial capital is flowing out of the domestic economy to be invested elsewhere. This surplus can enhance confidence in a country's currency and contribute to the balance of payments surplus. The U.S., during various historical periods such as the 1960s, maintained a trade surplus even while running a budget deficit.
It's also worth noting that unilateral transfers such as overseas development assistance or remittances sent by immigrants to their home countries can influence the balance of payments. These transfers are treated like imports in the sense that the payment flows out of the country. However, in instances like the Gulf War, where other countries compensated the U.S. for its military expenditures, these transfers can also positively impact the U.S. balance of payments and contribute to a surplus.