In building an economic model,variables that are taken as given are referred to as ________ variables.
A) exogenous
B) endogenous
C) concrete
D) presumptive

Question

Quizplus · Accepted Answer

Exogenous variables are outside factors that are taken as given and not influenced by the model. Endogenous variables, on the other hand, are influenced by the model and can change as a result of it. Concrete and presumptive are not commonly used terms in economics to describe variables.

In Building an Economic Model,variables That Are Taken as Given