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Use the numbers in the table to calculate Econ Land’s Net GDP (NDP).

Use the numbers in the table to calculate Econ Land’s Net GDP (NDP).

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use the numbers in the table to calculate Econ Land’s Net GDP (NDP).

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).

 

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: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.
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
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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