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1.1 Nature of economics

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Question 27
94%

Consider the following two statements:

Statement 1: An increase in the national living wage by 8% will lead to a 1.2% rise in the unemployment rate of young workers within twelve months.

Statement 2: It is unfair that young workers suffer higher rates of unemployment, so the government must subsidise their wages.

Which one of the following best describes these two statements?

A

Statement 1: Positive, Statement 2: Positive

B

Statement 1: Normative, Statement 2: Positive

C

Statement 1: Normative, Statement 2: Normative

D

Statement 1: Positive, Statement 2: Normative

Markscheme

1.1 Nature of economics Questions

  1. A Level
  2. /Economics
  3. /1.1 Nature of economics

85 exam-style questions on Edexcel A A Level Economics 1.1 Nature of economics, covering 1.1.1 Economics as a social science, 1.1.2 Positive and normative economic statements, 1.1.3 The economic problem, 1.1.4 Production possibility frontiers, 1.1.5 Specialisation and the division of labour, and 1.1.6 Free market economies, mixed economy and command economy. Each one has a worked solution and a mark scheme showing where the marks go.

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