The distinction between exogenous and endogenous variables is important because:
a. Endogenous variables are real factors while exogenous variables are nominal factors.
b. Endogenous variables are fixed by definition.
c. Exogenous variables are fixed by definition.
d. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Endogenous variables are therefore treated as shocks to the Three-Sector-Model.
e. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Exogenous variables are therefore treated as shocks to the Three-Sector-Model.
.E
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For resources whose property rights are not well-defined or well-enforced,
A) people have an incentive to acquire as much of the resource as possible for themselves before someone else does. B) people have no incentive to acquire the resource since they do not have the property rights to that resource. C) people have little incentive to acquire the resource because if the the property rights are not well-defined or well-enforced, they are most likely of little value. D) people have an incentive to acquire a limited amount of that resource for personal use, but no more than they can use personally.
According to the scenario above, in which of the following groups are all the people frictionally unemployed?
A) Rita and Darrelo B) Chris, Rita, and Thorton C) Rita and Jung D) Darrelo and Jung E) Jung