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1.1 Nature of economics

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Question 42

Statement 1: A 10% increase in the national living wage will lead to a 2.5% decrease in employment within the agricultural sector.

Statement 2: The government should prioritise reducing income inequality over boosting economic growth because extreme inequality is morally unacceptable.

Which one of the following best describes the two statements above?

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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