Moderate

The cognitive component of culture__________________?

Correct answer: A. includes knowledge beliefs and technology

  • A. includes knowledge beliefs and technology
  • B. is made up of rules for behavior
  • C. consists of values and morals
  • D. is part of material culture

Explanation

The cognitive component consists of what people know and believe, including the knowledge used to create and apply technology. Rules, morals, and values belong to other cultural components.

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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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