What are the four main limitations of gdp accuracy? durable good, nondurable good, black market, and negative externalities depreciation, price level, distortion, and underground economy trough, peak, recession, and depression nonmarket activities, underground economy, negative externalities, and quality of life?

What are the four main limitations of GDP accuracy? Non-market activities, underground economy, negative externalities, and quality of life. GDP stands for gross domestic product, which is the value in monetary form of all finished goods and services that are produced in a country's borders over a specific period of time. Non-market activities refer to things that happen for self-consumption. The underground economy refers to economic activity that goes now within a country that is not recorded or taxed by the government. A negative externality is a cost that is absorbed by a third party due to an economic transaction. Quality of life refers to what an individual or group experiences.