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Business, 12.10.2020 01:01 maddy6882

GDP is calculated as the total market value of all final goods and services produced in a country during a year. (1) Suppose that in 2019, geologists discover large reserves of oil in Alaska which have a market value estimated at $50 billion at current oil prices. (2) Oil companies rush in and spend $1 billion to hire workers and position equipment to begin exploratory pumping during the same year. (3) One company accidentally spills some oil into a bay and by the end of the year pays $1 billion to other companies to clean it up. (4) The oil spill kills thousands of birds, seals, and other wildlife. What would be the effect of each of these 4 events on the US GDP for 2019 and why

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