Which of the following statements are positive and which are normative?

a. If the Federal Reserve raises interest rates, demand for housing is likely to fall.

b. The Federal Reserve should raise interest rates to keep inflation at an acceptably low level.

c. Stock prices are likely to fall over the next year as the economy slows.

d. A reduction in the capital gains tax (the tax on profits made in the stock market) would lead to a 10 to 20 percent increase in stock prices.

e. Congress should not reduce capital gains taxes without also providing tax breaks for lower-income people.