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Strand 2

Short2.1 The market economy

2025 Q5

Strand 2 - The market economy

2.1 - The market economy

(a)
Explain the difference between a positive economic statement and a normative economic statement.
(b)
Determine whether each of the economic statements below is a positive statement or a normative statement.
20 marks

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2025 Q5

Strand 2

2.1 · The market economy

20 marks
(a)
Explain the difference between a positive economic statement and a normative economic statement.
(b)
Determine whether each of the economic statements below is a positive statement or a normative statement.
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2025 Q3

Strand 2

2.2 · The consumer

12 marks
(a)
Outline one economic reason why Irish consumers are switching to importing more used cars from Japan and fewer used cars from the UK, as shown in the chart above.
OR
(b)
Explain one alternative measure the EU could use, other than tariffs, to reduce imports of EVs from China.
OR
(c)
Outline one reason why trade protectionism seems to be increasing globally.

2025 Q6

Strand 3

3.2 · The labour market

12 marks
(a)
Explain what you understand by the economic term price floor.
(b)
Complete the labour market diagram and explain the effect of a higher national minimum wage rate.

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