A "Low Level Abstraction" Is

question 105

Multiple Choice

A "low level abstraction" is

• A) a specific, concrete statement that refers to observable objects or events.
• B) a mathematical concept.
• C) an element of equivocal speaking.
• D) a legal brief.

---

Definitions:

APS

Average Propensity to Save; the proportion of income that an individual or population saves rather than spending on consumption.

Consumption Function

As income rises, consumption rises, but not as quickly.

John Maynard Keynes

A British economist whose theories on government intervention in economies (Keynesian economics) have greatly influenced modern macroeconomic policies, particularly regarding the use of fiscal and monetary measures.

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critique of capitalism and the development of Marxist theory.