In the fictional country of Symposia, we have the following information for the year 2017: *Consumers bought...

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Economics

In the fictional country of Symposia, we have the followinginformation for the year 2017:

Consumers bought $2 billion dollars worth of goods andservices, 20% of which were produced and initially sold in2016.
Labour wage income was $250 million in 2017*
Businesses invested $100 million dollars in new capital (i.e.machinery) stock in 2017.
Businesses also bought $200 million dollars worth of companystocks in 2017.
Foreigners with working visas in Symposia lived inforeign-only households that bought $200 million worth of locallymade goods and services in 2017.
The government of Symposia bought $250 million worth of newambulances for government run hospitals in 2017.
*Citizens of Symposia living overseas bought $100 millionworth of Symposia goods.
1. Calculate and explain how you obtained the figure (i.e.what did you count, and what did you exclude) for Symposiaâ€™sconsumption in 2017 Â Â

1. Calculate and explain how you obtained the figure (i.e.what did you count, and what did you exclude) for Symposiaâ€™sinvestment in 2017 Â Â

3. What was Symposiaâ€™s GDP in 2017? Explain your answer

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3.6 Ratings (457 Votes)

1 Consumption or C is defined as personal consumption by consumers or spending done by consumers It will include the following Goods Durable or Nondurable and Services a Consumers bought 2 billion dollars worth of goods and services 20 of which were produced See Answer

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