What is a normative economic statement, Accounting Basics

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What is a normative economic statement

Problem

1. What is a positive economic statement? What is a normative economic statement? Provide an example of each.

2. Is it important to build completely realistic economic models? Explain your response.

3. Draw a production possibilities frontier curve. Illustrate the set of points that is feasible, the set of points that is efficient, and the set of points that is not feasible.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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