To address wealth inequality, the government ought to implement a 15% luxury tax on yachts and private jets, because this policy will raise over £150 million annually in tax revenue.
With reference to the statement above, explain the difference between positive and normative economic statements.
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.