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Chapter 19: Q. 27 (page 471)

How might you measure a 鈥済reen鈥� GDP?

Short Answer

Expert verified

GDP measured by taking into account the environmental harm.

Step by step solution

01

Step1. Introduction

GDP or the Gross Domestic Product refers to the total goods and services produced in an economy, i.e. the total economic activity of a country.

02

Step2. Explanation

Green GDP is the GDP value which also takes into account all the environmental harms the production process causes to the nature, which can be pollution, depletion in natural resources, etc. It is difficult to quantify the cost of environmental harm. A simple way by which green GDP is measured is by deducting the costs incurred to cure/ limit the environmental harms.

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Most popular questions from this chapter

A mortgage loan is a loan that a person makes to purchase a house. Table 19.11 provides a list of the mortgage interest rate for several different years and the rate of inflation for each of those years. In which years would it have been better to be a person borrowing money from a bank to buy a home? In which years would it have been better to be a bank lending money?

Which of the following are included in GDP, and which are not?

  1. The cost of hospital stays
  2. The rise in life expectancy over time
  3. Child care provided by a licensed day care center
  4. Child care provided by a grandmother
  5. A used car sale.
  6. A new car sale
  7. The greater variety of cheese available in supermarkets
  8. The iron that goes into the steel that goes into a refrigerator bought by a consumer.

Last year, a small nation with abundant forests cut down \(200 worth of trees. It then turned \)100 worth of trees into \(150 worth of lumber. It used \)100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nation's GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?

Why must you avoid double counting when

measuring GDP?

According to Table 19.7, how long has the average expansion lasted since the end of World War II?
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