How do governments value, for instance, time, life, and natural resources?

  1. For many costs and benefits associated with government projects/actions, there are no market prices. How do governments value, for instance, time, life, and natural resources? How might the U.S. government (or the State of Arizona) value the Grand Canyon, one of the wonders of the world?
  2. Work on a one-sentence summary of market value.3. Explain how the price index can estimate the rate of inflation and account for changes to the price.

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