Reference no: EM132412192

We were given this scenario, we have the following information for the year 2017:

Consumers bought $2 billion dollars' worth of goods and services, 20% of which were produced and initially sold in 2016.

• 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 company stocks in 2017.
• Foreigners with working visas lived in foreign-only households that bought $200 million worth of locally made goods and services in 2017.
• The government bought $250 million worth of new ambulances for government run hospitals in 2017.
• Citizens living overseas bought $100 million worth of goods.

How do I go about calculating and explaining how I woud obtaine the figure, what should I count, and what should I exclude from the consumption in 2017?

How do I go about calculating and explaining how I woud obtaine the figure and what should I exclude from the investment in 2017?

What was GDP in 2017? I dont understand how do explain this, any explanation on this would help alot, thank you.