In an Economic Model, an Endogenous Variable Is

question 38

Multiple Choice

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.
• E) closely linked to a closed economy.

Understand the purpose and implications of indifference maps and curves in consumer behavior.

Interpret the effects of changes in consumer income and prices on budget lines and utility maximization.

Describe the relationship between the marginal rate of substitution and movements along an indifference curve.

Recognize the significance of the slope of a budget line in consumer choice.

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A person born during the post-World War II baby boom, between 1946 and 1964.

Activism

Efforts to promote, impede, direct, or intervene in social, political, economic, or environmental reform with the desire to make changes in society.

In the middle

A position or state of being between two points, stages, or aspects; often used metaphorically to describe uncertainty or neutrality.

Ageism

Discrimination or prejudice against individuals or groups based on their age, often manifesting in stereotypes and limiting opportunities.