University of Louisville

• ECON 202

Introduction/Economic Models – Day 1 Questions Econ 202/Haworth The questions below are provided to test your understanding of this day’s material. To receive credit for this assignment, go to Assignments and find the folder entitled Daily Questions. Inside that folder, you’ll find a folder entitled Section 1. Once you’re in that folder, click on the link that says Introduction-Day 1 and complete the assignment. When you are finished, you may submit. Remember that the deadline for submitting the Daily Question assignments from Section 1 is Monday, September 14, at 9:00pm. 1. How does the term “ceteris paribus” relate to economic analysis? a. this is an assumption that says we use small changes in our analysis, rather than large changes b. this is an assumption that allows us to calculate opportunity cost c. this is an assumption that allows us to determine how changes in one variable affect another variable