An example of an abstraction used in macroeconomics is
A)the price level.
B)total costs.
C)the tax rate.
D)the treasury bill rate.
E)proprietor's income.

Question

Quizplus · Accepted Answer

The price level is an example of an abstraction used in macroeconomics because it represents the average price of goods and services in an economy, which is a complex concept that cannot be directly measured or observed. It is an abstraction that allows economists to analyze and model economic phenomena at a macro level.

An Example of an Abstraction Used in Macroeconomics Is