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Which of the following statements are positive, and which are normative? (4 marks) i. The minimum wage rates should be decreased. ii. If the price
Which of the following statements are positive, and which are normative? (4 marks)
i. The minimum wage rates should be decreased.
ii. If the price of a product in a market decreases, other things being equal, quantity supplied will increase.
iii. A little bit of inflation is worse for society than a little bit of unemployment.
iv. The price of bonds is inversely related to the interest rate.
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