GNI = C + I + G + TB + NFIA
Using this expression, show that in a closed economy, gross domestic product (GDP), gross national income (GNI), and gross national expenditures (GNE) are the same. Show that domestic investment is equal to domestic savings.
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Visit the BEA’s balance of payments data page and obtain the U.S. balance of payments for 2004 in billions of dollars. Be sure to get the correct year, and annual data, not quarterly.
Visit the BEA’s net international investment position data page and obtain the U.S. net international investment position for end 2003 to end 2004.