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Briefly discuss why an activity with no market price

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Reference no: EM132505311

Briefly discuss why an activity with no market price does not count as part of GDP? Provide an example of such a situation accurately.

-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

-What was Symposia's GDP in 2019? Explain your answer

Reference no: EM132505311

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