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1.1 Nature of economics

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Question 31

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?

Statement 1: Positive, Statement 2: Positive

Statement 1: Normative, Statement 2: Positive

Statement 1: Normative, Statement 2: Normative

Statement 1: Positive, Statement 2: Normative

1.1 Nature of economics Questions

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