In an economic model, an endogenous 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.
B
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Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00What is the sum of the value added of all the firms?
A. $4.50 B. $2.50 C. $5.25 D. $2.75
Data indicate that the economy's response to monetary policy became noticeably weaker and more stretched out during
A) 1961-75. B) 1976-90. C) 1991-2007. D) None of the above. The response has grown stronger and shorter.
Immigrants tend to be ________ skilled labor and ___________ unskilled labor
a. complements with; substitutes for b. substitutes for; complements with c. substitutes for; also substitutes for d. complements with; also complements with
Suppose the people in my town hear a rumor that their local bank is in trouble and all rush to withdraw money from the bank. This is referred to as:
A. a moral hazard problem. B. leverage. C. a bank run. D. a bad precedent problem.