Depends on the situation. For example, it both of your equations, it says that power is proportional to current and power is proportional to the square of the current. So if you double the current, what happens to the power?
The answer is it depends.
If voltage is kept constant, then P is proportional to I. But if the resistance is kept constant, then P is proportional to I^2.
With equations, you can solve for 1 variable if you know all others. If the MCAT asks about relationships between 2 variables (eg double x, what happens to y?), all the other variables need to be held constant during the change.