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Grade 10 College Continuing Education

College Business Economics Questions

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College Business Economics
                     Positive economics                      is an analysis that answers the questions, "What is?" or "What will be?"

Answer: Positive economics
College Business Economics
A variable is a small, one-unit change in value.

True or False?


Answer: False. A variable is a measure of something that can take on different values.
A marginal change is a small, one-unit change in value

*Don't get the two confused!*
College Business Economics
Directions: Read the prompt and decide which one of the elements of the economic way of thinking is displayed.

[To explore the relationship between the quantity and price of apples, we must assume that the consumer's income-and anything else that influences apple purchases-doesn't change.]

Answer: Isolate Variables

*The other two are marginal change (thinking at the margin) and using assumptions to simplify.*
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