In an economic model, an endogenous 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
Q4: A relationship that shows the technological possibilities
Q5: In a one-period model, government is likely
Q6: Examples of exogenous variables include
A) real wages,
Q7: Points on the production possibilities frontier have
Q8: In the production function, output is given
Q10: In a one-period economic model, the government
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
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