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With regard to a futures contract, the short position is held by
Positive Statement
An objective statement that can be tested, based on factual information and data, without any value judgments.
Industrial Society
A society characterized by a reliance on mechanized labor to create material goods, often associated with a significant shift from agricultural to industrial economies.
Normative Question
A question that addresses what ought to be, focusing on subjective judgments or prescriptions about economic policies.
Normative Statement
A statement expressing a value judgment about what ought to be, rather than stating objective facts or describing what currently exists.
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