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Questions
Explain the term variables.
What do you mean by the following term?
Variables
Explain
Short Answer
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Solution
The term “variables” refers to quantities or magnitudes that vary during a specified time period. According to the Oxford Dictionary of Economics, a variable is a quantity that is liable to change. Examples of variables include price, interest rate, income level, or quantity of goods. Variables generally take on different possible values that can increase or decrease over time.
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