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.
C
Economics
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According to comparative advantage, a nation should
A) Specialize in the production of the good with the least disadvantage. B) Not import any goods if it does not have a relative disadvantage. C) Import only the goods where the nation has a disadvantage. D) Not produce any goods if the nation is at relative disadvantage.
Economics
Refer to the data. The marginal cost of the fifth unit of output is:
A. $3.
B. $62.
C. $80.
D. $78.
Economics