Question
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,
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.
1.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.
2.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.
3.What was Symposia's GDP in 2017? Explain your answer.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started