In economic models, variables taken as given and not explained by the model are called ________ variables
A) exogenous
B) endogenous.
C) short-run.
D) long-run.
E) nominal.
A
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A four-firm concentration ratio measures
A) the price elasticity of demand in an industry. B) the price elasticity of demand among the four largest firms in an industry. C) the extent to which industry sales are concentrated among the four largest firms in the industry. D) the number of firms in an industry.
Historically, price discrimination was aggressive behavior exhibited by whom? The
(a) monopolist (b) mom and pop business person (c) manager of a large group of industrial workers (d) corporation
A consumer values a car at $30,00 . and a producer values the same car at $20,000 . If the transaction is completed at $24,000 . the transaction will not take place if:
a. The tax is equal to the seller surplus b. The tax is smaller than the total surplus c. The tax is larger than the total surplus d. The tax is smaller than the buyer surplus
Regarding wealth and environmental quality,
a. richer people are more willing to make sacrifices to gain greater environmental quality. b. poor nations are less resilient when faced with the threats caused by environmental degradation. c. richer people are more able to make sacrifices to gain greater environmental quality. d. all of the above