Answer:
The three main limitations to national income accounting are: Errors in Measurement: Black Market and underground activities are not included when calculating GDP. This is because there is no way to accurately measure black market activity.
Answer: b. Only Joe’s and Jim’s grocery store purchases are included in GDP.
Explanation:
The Gross Domestic Product is a measure of economic productivity and is a sum of the market value of all goods produced in an economy in a certain period.
Produce from Jim's garden will not be included as GDP disregards goods produced at home for consumption purposes as those would be too hard to measure. Those goods sold in the market however are included which is why Joe and Jim's grocery store purchases will be included.
Considering the situation described above, if country A has a comparative advantage in producing good X over country B, then: <u>the domestic opportunity cost of producing X in country A is lower than in country B.</u>
<h3>What is Opportunity Cost?</h3>
Opportunity cost is often used in economics to describe the profit lost when one choice or option is taken over another.
<h3>What is Comparative Advantage?</h3>
Comparative Advantage is the term used to describe the economy's capacity to produce a specific good or service at a lower opportunity cost than its trading competitors.
Therefore, given that country A has a comparative advantage in producing good X over country B, this equates to country A having a lower opportunity cost than country B.
Hence, in this case, it is concluded that the correct answer is option C.
Learn more about Opportunity Cost here: brainly.com/question/3611557
Answer:
C. the aggregate of all the individual financial markets
Explanation:
The loanable funds market is the aggregate of all the individual financial markets