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.
- 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
- 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(2 marks)
- What was Symposia's GDP in 2019? Explain your answer(2 marks)
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