In an open economy, the National Income (y) of the economy is (C, I, G, X, M, and Y stand for Consumption, Investment, Government Expenditure, Total Exports, Total Imports and National Income, respectively). Select the correct answer from the following.
1
Y = C + I + G + X
2
Y = I + G + X + M
3
Y = C + I + G + (X - M)
4
Y = C + I - G + (X + M)