Unit 1 - Introduction to markets and market failure
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1.1- Nature of Economics- A level Economics Edexcel Exam Questions
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Unit 1 - Introduction to markets and market failure
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Unit 1 - Introduction to markets and market failure
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UNIT ASSESSMENT
Edexcel A Level
Economics
Unit Assessment
1.1 The Nature of
Economics
(Edition 1)
h X minutes
h The maximum mark for this unit assessment is X
Name
Centre Name
, Edexcel A Level Economics (A)
Unit Assessment 1.1
The Nature of Economics
Section A
ANSWER ALL THE QUESTIONS
1a Economics is a science that:
A does not rely on assumptions.
B is unable to make scientific experiments.
C can always predict future outcomes.
D allocates infinite resources.
(1 mark)
1b Statement 1: The need to improve the living standards of low-income groups is sufficient
justification for introducing a legal national minimum wage.
Statement 2: Setting a legal national minimum wage rate above the market equilibrium rate is
likely to cause unemployment.
Which of the following descriptions best describes these two statements?
A Statement 1 is positive and statement 2 is normative.
B Both statements are positive.
C Statement 1 is normative and statement 2 is positive.
D Both statements are normative.
(1 mark)
1c With reference to the statements in Question 1b, distinguish between positive and normative
economic statements.
(3 marks)
Page 2 Edexcel A Level Economics Unit Assessment www.tutor2u.net/economics
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