In an economic model, an exogenous variable is
A) a stand-in for more complicated variables.
B) determined by the model itself.
C) determined outside the model.
D) a variable that has no effect on the workings of the model.
E) closely linked to a closed economy.
Correct Answer:
Verified
Q11: In an economic model, government spending is
Q12: Fiscal policy refers to a government's choices
Q13: In the one-period competitive model we have
Q14: An economy that has no interaction with
Q15: Goods and services provided by the government
Q17: An economy that engages in international trade
Q18: The rate at which one good can
Q19: The production possibilities frontier in the one-period
Q20: A competitive equilibrium is a state of
Q21: An increase in government spending
A) increases consumption,
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