Use the table below to choose the correct answer. Personal consumption expenditures Government consumption and gross investment Rent income Net investment expenditures Gross imports Personal savings Gross exports Depreciation Gross domestic product equals

To calculate **Gross Domestic Product (GDP)** using the **expenditure approach**, you can use the following formula: \[ \text{GDP} = C + G + I + (X - M) \] Where: - **\( C \)** = **Personal Consumption Expenditures**: This represents the total spending by households on goods and services. - **\( G \)** = **Government Consumption and Gross Investment**: This includes government spending on goods and services and investments in infrastructure. - **\( I \)** = **Net Investment Expenditures**: This refers to the total investment in capital by businesses minus depreciation. - **\( X \)** = **Gross Exports**: This is the total value of goods and services exported to other countries. - **\( M \)** = **Gross Imports**: This represents the total value of goods and services imported from other countries. Putting it all together: \[ \text{GDP} = \text{Personal Consumption Expenditures} + \text{Government Consumption and Gross Investment} + \text{Net Investment Expenditures} + (\text{Gross Exports} - \text{Gross Imports}) \] **Summary:** \[ \boxed{\text{GDP} = \text{Personal Consumption} + \text{Government Consumption and Investment} + \text{Net Investment} + (\text{Gross Exports} – \text{Gross Imports})} \]