(Expenditure Approach to GDP) Given the following annual information about a hypothetical country, answer questions a through d.
Billions of Dollars
Personal consumption expenditures $200
Personal Taxes 50
Government Purchases 50
Gross private domestic investment 40
Government transfer payments 20
a. What is the value of GDP?
b. What is the value of net domestic product?
c. What is the value of net investment?
d. What is the value of net exports?
Characterize the expenditure approach.