ECON 307
Cambridge College
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ECON 307- EXAM 1 Qs&As 2024/2025
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ECON 307- EXAM 1 Qs&As 2024/2025
Four ways a model can be represented - ANS-1. equations
2. graphs
3. words
4. data
What is an economic model? - ANS-It is a mathematical representation of a problem
Positive statements - ANS-claims that attempt to describe the world as it is
Normative statements - ANS-
Exam (elaborations)
ECON 307- EXAM 1 Qs&As 2024/2025
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ECON 307- EXAM 1 Qs&As 2024/2025 Four ways a model can be represented - ANS-1. equations 2. graphs 3. words 4. data What is an economic model? - ANS-It is a mathematical representation of a problem Positive statements - ANS-claims that attempt to describe the world as it is Normative statements - ANS-
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