Which Statement Is Positive? Which Statement Is Normative? I

question 145

Multiple Choice

Which statement is positive? Which statement is normative? I.The federal minimum wage in 2016 was $7.25 an hour.
II.The minimum wage should be high enough that families will not live in poverty.

• A)I is positive;II is normative.
• B)I is positive;II is positive.
• C)I is normative;II is positive.
• D)I is normative;II is normative.

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Definitions:

Single-Period Order Model

A decision-making tool used in inventory management for products with a limited lifespan, focusing on optimizing order quantities for a single selling period.

Christmas Trees

In the context of oil and gas, refers to the assembly of valves, spools, and fittings installed on a wellhead to control the flow of oil or gas from the well.

Inventory Ordering

The process of determining the optimal quantity and timing of orders for products or materials to meet demand while minimizing costs.

Production Order Quantity Model

An inventory management model that determines the optimal order quantity to minimize total inventory costs.