Which of the following does NOT represent a component of net exports?

Net exports refer to the value of a country's exports minus the value of its imports. This concept reflects the trade balance of a country. To understand why government spending does not represent a component of net exports, it's important to clarify what constitutes net exports.

Exports represent goods and services sold to other countries, while imports refer to goods and services purchased from abroad. The calculation of net exports is straightforward: it is determined by subtracting the value of imports from the value of exports. Hence, both exports and imports are integral components of the net exports calculation.

Government spending, however, is part of aggregate demand in the economy but does not directly relate to international trade balances. It refers to the total government expenditures on goods and services within a country and does not influence the calculation of net exports, which strictly involves trade in goods and services across borders.

Therefore, the absence of government spending in the definition of net exports confirms that it does not constitute a part of this calculation, making it the correct choice.