In November 2018, a huge wildfire called the Camp Fire ravaged northern California, burning more than 150,000

Question:

In November 2018, a huge wildfire called the Camp Fire ravaged northern California, burning more than 150,000 acres and destroying almost 10,000 structures. A news article published on usatoday.com estimated damages from the Camp Fire cost insurance companies $11.4 billion. 

a. When the homes and buildings burned down in November 2018, how did this affect U.S. GDP for that year? 

b. As the owners begin the reconstruction of the homes and buildings, how does this affect U.S. GDP during the period when the reconstruction takes place?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Economics

ISBN: 9780135957554

8th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

Question Posted: