Quiz: Value Judgements in Economic Decision-Making
Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)
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Welcome! You've already explored economic models, ceteris paribus, and positive statements. Now, let's test your understanding of value judgements in economic decision-making, a key area for critical analysis and evaluation.
What is a value judgement in economics?
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Which of the following statements involve value judgements? (Select all that apply)
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Economists often distinguish between {{blank0}} statements, which can be tested, and {{blank1}} judgements, which are subjective.
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Why are value judgements unavoidable in economic decision-making?
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Which of the following statements show how value judgements affect environmental policies? (Select all that apply)
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The concept of {{blank0}}, meaning 'all other things being equal,' is important in economics to isolate effects, but real-world policy decisions are affected by {{blank1}} judgements.
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