What is the "right" degree of abstraction necessary to analyze an economic problem?
A)Simple abstraction of only minor details
B)Simple abstraction of only irrelevant details
C)Total abstraction of all variables
D)Total abstraction of all irrelevant details
E)There is no "right" degree of abstraction to analyze an economic problem.

Question

Quizplus · Accepted Answer

There is no one universally "right" degree of abstraction necessary to analyze an economic problem. The appropriate level of abstraction depends on the specific problem being studied and the goals of the analysis. In some cases, a high level of abstraction may be necessary to identify broad trends or patterns, while in other cases, a more detailed analysis that incorporates specific variables may be necessary to fully understand the problem at hand. Ultimately, the level of abstraction chosen should be based on the specific objectives of the analysis and the available data and tools for analysis.

What Is the "Right" Degree of Abstraction Necessary to Analyze