Which of the Following Qualifies as Empirically Based Knowledge

question 228

Multiple Choice

Which of the following qualifies as empirically based knowledge

• A) logically consistent knowledge 
• B) intuitive knowledge 
• C) knowledge acquired through observation 
• D) knowledge acquired through insight

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Definitions:

Consumption

The act of using goods and services to satisfy needs and wants, which is a fundamental component of economics.

Income

The money received by an individual or business for services provided, products sold, or investments.

Interest Rate

The cost of borrowing money or the return on investment, expressed as a percentage of the principal, over a specific time period.

Utility Function

A mathematical representation of how different bundles of goods or services provide varying levels of satisfaction or utility to a consumer.