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Chapter 19: Q. 27 (page 471)

How might you measure a “green” 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?

Why must you avoid double counting when

measuring GDP?

Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post- 1960 recessions in addition to the 2008-2009 recession? (This requires a judgment call.)

What are the main components of measuring GDP with what is demanded?

According to Table 19.7, how often have recessions occurred since the end of World War II (1945)?
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