4. Which of the following statements are positive in nature and which are normative?

a. A tax cut will raise interest rates.

b. A reduction in the payroll tax would primarily ben- efit poor and middle-class workers.c. Payroll taxes are too high.

d. A cut in the payroll tax would improve the Presi- dent's popularity ratings.

e. Payroll taxes should not be cut unless capital gains taxes are cut also.