Briey explain how each of the following events is likely to afect real GDP. Do y

Question

Briey explain how each of the following events is likely to afect real GDP. Do you think the changes in real GDP reects a similar change in economic well-beings? (a) A hurricane in Ontario forces Canada's Wonderland to shut down for a month. (b) The government passes new environmental laws that prohibit firms from using production methods that emit large quantities of pollution. (c) More high-school students drop out of school to take jobs mowing lawns. (d) Fathers around the country reduce their workweeks to spend more time with their children.

Explanation / Answer

(b) The government passes new environmental laws that prohibit firms from using production methods that emit large quantities of pollution.

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