If buyers expected the future price of a good to increase, it would tend to increase the current quantity exchanged

The economic analysis of minimum wage involves both normative and positive analysis. Consider the following consequences of a minimum wage:

a. The minimum wage law causes unemployment. b. Unemployment would be lower without a minimum wage law. c. Minimum wage laws benefit some workers and harm others. d. The minimum wage should be more than $7.25 per hour. Which of the consequences above are positive statements and which are normative statements? A) a and b are positive statements, c and d are normative statement. B) Only a is a positive statement, b, c, and d are normative statements. C) a and c are positive statements, b and d are normative statements. D) a, b, and c are positive statements and d is a normative statement.

Which of the following countries experienced the sharpest fiscal contraction in order to gain admission to the Euro club?

A) Portugal B) Spain C) Italy D) France