How well do you feel that macroeconomic abstractions (capital, labor, GDP, etc

Economics Dec 15, 2020

How well do you feel that macroeconomic abstractions (capital, labor, GDP, etc.) capture meaningful characteristics of the actual economy?

Expert Solution

Macroeconomic abstractions capture captures of the effects of changes in various economics variables. GDP is an important factor that indicates the growth of the economy. It shows the overall level of output produced in the economy. Capital is also an important indicator of economic growth as an increase in the capital also increases the production of goods in the economy which tends to increase the growth. Efficient labor contributes more to the growth of the economy.

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