Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Use the numbers in the table to calculate Econ Land’s Net
Use the numbers in the table to calculate Econ Land’s Green GDP.
Use the numbers in the table to calculate Econ Land’s Genuine Progress Indicator (GPI).
Transcribed Image Text:Econ Land typically measures their country's performance using Gross Domestic Product (GDP), as most countries do. As their economic advisor, you have recently
clued them in to alternative measures that include items GDP does not, such as the depreciation of natural capital and harm done from pollution. Below are some of
the relevant numbers for Econ Land's economy.
Transcribed Image Text:Economic Data
Gross Domestic Product
$50 billion
Depreciation of human-made capital
$5 billion
Timber Data
End of year timber stocks (feet)
2 billion
End of year timber price/foot
$5
Start of year timber stocks (feet)
3 billion
Start of year timber price/foot
$4
Oil Data
End of year oil stocks (barrels)
150 million
End of year oil price/barrel
$50
Start of year oil stocks (barrels)
200 million
Start of year oil price/barrel
$45
Carbon Data
CO2 Emissions (tons)
30 million
Damage/ton
$50
Other Data
Defensive expenditures
$1 billion
Biodiversity loss
$15 billion
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