Most researchers today use only two approaches to determine social class They are the_______________?
Correct answer: D. occupational prestige and socioeconomic status(SES)
- A. life style approach
- B. reputational approach
- C. subjective approach
- D. occupational prestige and socioeconomic status(SES)
Explanation
Occupational prestige and socioeconomic status are widely used objective indicators of social class. SES combines measures such as income, education and occupation, while occupational prestige ranks occupations socially.
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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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