Measure in $ billions Year Measure in $ billions Year 2020 2020 Total Spending Total income Business investment (1) 100 Wage 1369.44 Government Spending 400 Rental income 128.26 (G) Transfer payments 200 Corporate Profits 301.52 (TR) Personal Consumption 1200 Net interests 135.68 (C) Net Export (NX) 30 Depreciation 112 Expenditures Government (Public) 102.5 Investment Tax Revenue 650 Tax 650 GDP deflector 101.5 Q3a) Calculate GDP using the 'expenditure 'approach. List the formula. (3 marks) [Answer and show workings here] Answer Q3a) GDP using "Expenditure Method" = [ Formula for the "Expenditure approach": [ Y= C+1+G+X-M