Continuing from the previous question, find nominal GDP for the United States in 2008 (you can find it elsewhere on the BEA site). Use this information along with your previous calculations to calculate the following: (Answers will vary because of data revisions. The figures below use data from NIPA Table 1.1.5 as revised on September 26, 2013. It reports GDP = $14,720 billion.)
a. Gross national expenditure (GNE), gross national income (GNI), and gross national disposable income (GNDI)
b. In macroeconomics, we often assume the U.S. economy is a closed economy when building models that describe how changes in policy and shocks affect the economy. Based on the previous data (BOP and GDP), do you think this is a reasonable assumption to make? Do international transactions account for a large share of total transactions (involving goods and services, or income) involving the United States?