<Dd> GDP = consumption + investment + government spending + (exports − imports). </Dd> <P> This identity holds because investment refers to the sum of intended and unintended investment, the latter being unintended accumulations of inventories; unintended inventory accumulation necessarily equals output produced (GDP) minus intended uses of that output--consumption, intended investment in machinery, inventories, etc., government spending, and net exports . </P> <Dl> <Dd> Investment = Fixed investment + Inventory investment </Dd> </Dl> <Dd> Investment = Fixed investment + Inventory investment </Dd>

Which one of the following accounting identities is true