In building an economic model, variables that are taken as given are referred to as ________ variables
A) exogenous
B) endogenous
C) concrete
D) presumptive
A
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Distinguish between a change in quantity supplied and a change in supply
What will be an ideal response?
According to the graph shown, if this economy were to open to trade, surplus would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. increase overall.
B. decrease for the producer.
C. transfer from producer to consumer.
D. increase for the consumer.
Billy loses his job as a road construction worker and cannot find another position with equivalent pay and benefits. As a result, he is still checking the want ads and reporting to the unemployment office on a weekly basis. He is considered to be: a. unemployed
b. out of the labor force. c. underemployed. d. lazy.
A 10-cent-per-box tax on producers of cigars will
a. shift the firm's ATC and MC curves upward by the full amount of the tax. b. induce the firm to produce less but will not shift the firm's MC curve. c. shift the firm's ATC and MC curves downward by the full amount of the tax. d. shift the MC curve upward but will not cause any shift in the ATC curve.