Write down the Expenditure Equation for GDP. Q2. Use the GDP table above. What does gross domestic product equal? Use the Expenditure Eq. to calculate GDP. Q3. Use the GDP table above. What does net domestic product equal? Q4. Write the components for National Income. Q5. Use the GDP table above. What does the national income equal? Q6. Use the GDP table above. What does net exports equal? Q7. What is the largest component of National Income? Q8. Where is the U.S. in the business cycle currently? GDP Table (billions of dollars) Household Consumption Expenditures $564 Government purchases 234 Gross private domestic investment 67 U.S. Exports 16 Imports of the U.S. 9 Net foreign factor income 8 Depreciation 32 Indirect Business Taxes (Production& Import Taxes Compensation of Employees Rents 65 423 14 Net Interest Proprietors' Income Corporate Profits 222 12 43 79