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Questions on the nature of economics

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Gender pay gap

80% of UK companies and public sectors organisations pay women less than men.

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Introduction to micro-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. Employment rose to its highest recorded level in 2017.

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

  4. Higher prices in a particular market encourage entrepreneurs to enter the market.

  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?


WTO rules

What exactly is the 'most favoured nation' rule?

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Model agencies collude to fix rates

Regulators find leading model agencies guilty of price fixing.

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Customs unions

Costs and benefits of customs unions.

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Savings ratio

Savings ratio falls to lowest level on record.

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