3) Use Expenditure approach to Calculate GDP from the Following Table:

***Please write the Equation for Expenditure approach to Calculate GDP.

2017 (amount in trillions of dollars)

Consumption7,500

Durable Goods3,400

Non-Durable Goods________

Services1,500

Investment3,800

Business Fixed Investment________

Residential Investment1,250

Inventory Investment1,000

Government Purchases_____

Federal/Defense2,450

State and Local1,050

Net Exports (Exports -Imports)_____

Exports550

Imports400

Total GDP________________

GDP Equation using Expenditure approach:________________