Suppose that in 2013, geologists discover large reserves of oil under the tundra in Alaska. These reserves have a market value estimated at $50 billion at current oil prices. Oil companies spend $1 billion to begin exploratory pumping during that same year. In the process of loading some of the oil onto tankers at a port, one company accidentally creates a spill into a bay and ultimately pays $1 billion to other companies to clean it up. New workers spend $30 million on food, $200 million in new houses that are built, and $500 million in existing houses are sold. What is the combined effect of these events on GDP for the year? Show your work. Why is it not completely accurate in measuring the well-being of society? What does it not account for?