Moderate

In defining social sciences which of the following phrases is the most appropriate?

Correct answer: C. systematic and methodical study

  • A. rules for behavior
  • B. social philosophy
  • C. systematic and methodical study
  • D. study of individual behavior

Explanation

Social sciences are defined by the systematic and methodical study of society, social relationships and human behaviour. Rules for behaviour and social philosophy are narrower or more normative descriptions.

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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.

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