Another term for an economic variable whose value is given is ________.

Question

Quizplus · Accepted Answer

Exogenous variables are those whose value is determined by factors outside of the economic model being analyzed. These variables are often given, rather than determined by the model itself. Endogenous variables, on the other hand, are determined by the model and its equations. Autonomous variables are those that are thought to be independent of other variables in the model, and ornamental is not a relevant term in this context.

Another Term for an Economic Variable Whose Value Is Given