a.In the country of Symposia, we have the following information for the year 2019: *Consumption stood at
Question:
a.In the country of Symposia, we have the following information for the year 2019:
*Consumption stood at $1 billion dollars worth of goods and services, 10% of which were produced and initially sold in 2018.
*Labour wage income was $100 million.
*Businesses invested $200 million dollars in new capital (i.e. machinery) stock.
*Businesses also bought $150 million dollars worth of company stocks.
*Foreigners with working visas living in foreign-only households bought $100 million worth of locally made goods and services.
*The government of Symposia bought $200 million worth of new cars for members of parliament to use.
*Citizens of Symposia living overseas bought $100 million worth of Symposia goods.
(i)Calculate and explain how you obtained the figure (i.e. what did you count, and what did you exclude) for Symposia's consumption in 2019
(ii)Calculate and explain how you obtained the figure (i.e. what did you count, and what did you exclude) for Symposia's investment in 2019
(iii)What was Symposia's GDP in 2019? Explain your answer