It is true of science that_______________?
Correct answer: A. it is body of knowledge organized in a logical manner
- A. it is body of knowledge organized in a logical manner
- B. it is not concerned with the method of acquiring knowledge
- C. id does not include the method of investigation
- D. its content is more important than its method
Explanation
Science includes both an organized body of knowledge and systematic methods for acquiring and testing that knowledge. Therefore, the statements denying the importance of method are incorrect.
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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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