One approach to determining the consumptive use value of a resource that is normally not accounted for in the GDP of a country is to determine its value it the people had to obtain this item outside of their cultural system. This is called: the option value O a voluntary transaction O the replacement cost approach the existence value O none of the stated answers are correct
One approach to determining the consumptive use value of a resource that is normally not accounted for in the GDP of a country is to determine its value it the people had to obtain this item outside of their cultural system. This is called: the option value O a voluntary transaction O the replacement cost approach the existence value O none of the stated answers are correct
Chapter1: Making Economics Decisions
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![One approach to determining the consumptive use value of a resource that is normally not
accounted for in the GDP of a country is to determine its value it the people had to obtain this item
outside of their cultural system. This is called:
the option value
O a voluntary transaction
O the replacement cost approach
the existence value
O none of the stated answers are correct](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdb2eb3ab-2573-45d7-bfd1-0bdf72bf4817%2F26efcafc-8308-4caa-bddf-e9f5a7147378%2Furv1tt4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:One approach to determining the consumptive use value of a resource that is normally not
accounted for in the GDP of a country is to determine its value it the people had to obtain this item
outside of their cultural system. This is called:
the option value
O a voluntary transaction
O the replacement cost approach
the existence value
O none of the stated answers are correct
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