In an Economic Model

question 50

Multiple Choice

In an economic model:

• A)exogenous variables and endogenous variables are both determined outside the model.
• B)endogenous variables and exogenous variables are both determined within the model.
• C)endogenous variables affect exogenous variables.
• D)exogenous variables affect endogenous variables.

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Definitions:

Decision-making Experiment

An experimental setup designed to understand how individuals make choices under various conditions.

Experimental Method

A scientific procedure undertaken to discover information or to test a hypothesis by varying conditions and observing the outcomes.

Ethical Reasons

Considerations based on moral principles that influence decisions and actions, often involving the distinction between right and wrong.

Practical Reasons

Reasons or considerations based on actual practice or use; focusing on real-life applications and consequences.