A(n) ________ variable is calculated from within the model. A(n) ________ variable can never be taken as given
A) endogenous; endogenous
B) exogenous; endogenous
C) endogenous; exogenous
D) exogenous; exogenous
E) none of the above
A
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The formula for the computation of labor productivity is
A) nominal GDP/number of workers. B) real GDP/number of workers. C) nominal GDP/population. D) real GDP/population.
Using real GDP on the horizontal axis instead of real disposable income implies that a marginal propensity to consume 0.75 generates for every additional $100 of real GDP
A) $25 of additional saving. B) $56.25 of additional consumption spending. C) $25 of additional saving and taxes. D) $75 of additional real disposable income.
The four distinct tools of policy used by the Fed to influence the money supply are
A) interest rates, government spending, tax rates, and government transfer payments. B) open market operations, discount policy, reserve requirement policy, and adjusting interest on reserves. C) open market operations, adjusting the exchange rate of the dollar, government purchases, and reserve requirement policy. D) reserve requirement policy, discount policy, interest rates, and tax rates.
If a country's exchange rate appreciates, the world price level:
A. rises. B. could rise or fall. C. falls. D. remains unchanged.