an increase in the GDP or GNP following the Exxon Valdez oil spill.(b) Give ONE valid criticism of GDP and GNP as progress indicators, and
provide ONE viable alternative progress indicator. Describe what the
viable alternative attempts to measure.(c) Name and explain one internal cost and one external cost that might be
associated with the oil industry. Include in your answer an explanation
of what internal and external costs are.(d) How would internalizing external costs (sometimes called full-cost
analysis or true-cost analysis) affect the pricing and economic
competitiveness of petroleum products?When responding to Free-Response Questions, be sure to practice making
good arguments in favor of, or against, a particular position on an
environmental issue. Make sure you understand that restating the question is a
waste of time on a timed test, and doing so will never earn you any points.Answer