A-LevelEconomicsBasic Economic Ideas and Resource AllocationOct/Nov 2022Paper 1 Q41 Mark
What is a normative statement?
Afirm receiving a government subsidy will increase the supply of a good.
BNegative externalities are the most serious market failure.
Crise in incomes will lead to a rise in demand for normal goods.
Drise in the additional rate of income tax will decrease the incentive to work.
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The correct answer is B. This question tests the candidate's understanding of basic economic ideas and resource allocation within the Economicssyllabus. The examiner's mark scheme requires...
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