Question: In 2011, the Deepwater Horizon oil spill in the Gulf of Mexico caused heavy damage to the fishing and tourism industries of Louisiana and other coastal states. In addition, there were long-term ecological impacts on fish and wildlife. Describe how this might be accounted for in the 2011 national accounts of the United States, if they were environmentally adjusted:
a. In terms of depreciation of assets
b. In terms of flows of produced goods and services. (Describe in detail how two approaches to assigning dollar values might be applied.)