What is the appropriate degree of abstraction?
a. The more detail there is, the better.
b. The detail should be minimized in order to avoid all complexity.
c. Abstraction is unnecessary, and should be avoided.
d. Abstraction is the essence of analysis, and is pursued for its own sake.
e. It depends on the objective of the analysis.
e
You might also like to view...
Which of the following statements is true?
A) Models help economists to explain the past, but do not help in predicting the future. B) The scientific method used by economists is based on idealism and not empiricism. C) Testing with data enables economists to distinguish between good models and bad models. D) Models that economists use are perfect replicas of reality.
Between 1945 and 1950, federal expenditures
(a) dropped by two-fifths despite the Marshall Plan. (b) dropped by two-fifths because of dissipation of wartime expenditures. (c) increased by two-fifths because of increased spending in private consumer and business markets. (d) increased by two-fifths because of the Marshall Plan.
Corporations account for a ____ proportion of the total number U.S. firms but a ____ proportion of sales by U.S. firms.
A. small; small B. small; large C. large; small D. large; large
Explain the statement: “Clean air and water have become increasingly scarce and valuable resources because they have been treated in the past as if they were free and unlimited in supply.” What methods might be used to internalize spillover costs?
Please provide the best answer for the statement.