How are normative statements distinguished from positive statements?

 
   

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1. How are normative statements distinguished from positive statements? Look through a daily newspaper for articles on politics and make a list of statements regarding current issues; indicate which are positive and which are normative.

2. How does trading improve efficiency? Why are trades that apparently provide mutual gains to those involved not undertaken? Show how equating the total social benefit of a good with its total social cost will result in more than the efficient output of the good.