Knowing the workings of a car engine represents which kind of knowledge ?
Correct answer: B. cognitive
- A. normative
- B. cognitive
- C. rule oriented
- D. value oriented
Explanation
Cognitive knowledge concerns factual understanding and how things work, so knowledge of a car engine is cognitive. Normative and value-oriented knowledge concerns what ought to be or what is considered desirable.
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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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