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The nature of economics

Question 1

Identify which of the following statements are positive and which are normative:

  1. UK interest rates fell to their lowest recorded level in 2009.

  2. Unemployment rose to its highest recorded level in 2009.

  3. Higher interest rates are unfair because they penalise the poorest in society.

  4. High prices in a particular market encourage entrepreneurs to enter.

  5. The government should make nursery education free for all parents.

  6. The earnings of males are higher than those of females.

  7. Governments should not interfere in the workings of the market economy.

Question 2

Describe the methods used by economists.

Question 3

To what extent is economics a science?