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Which of the following statements is positive , which is normative ? Explain. Q1 ai). The minimum wage should be A$25/hr in order to keep

Which of the following statements is positive, which is normative? Explain.

Q1 ai). "The minimum wage should be A$25/hr in order to keep up with the current inflation". (1 mark)

Q1 aii). According to RBA (Reserve Bank Australia), the latest inflation rate is 7%. (1 mark)

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