The notation is Y = GNP = national income
C = consumption
I = private investment
G = government spending
X = exports
M = imports
T = taxes
National income,or Gross National Product is given by
A) GNP ≡ Y ≡ C + I + G + X + M
B) GNP ≡ Y ≡ C + I + G + X − M
C) GNP ≡ I ≡ C + Y + G + X − M
D) GNP ≡ Y ≡ C + I + X + M − G
Correct Answer:
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