An Endogenous Variable

question 6

Multiple Choice

An endogenous variable

• A)is a variable whose value is determined outside the model.
• B)is a variable whose value is determined within the model.
• C)is a variable from another country.
• D)cannot be proven wrong.

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Definitions:

Free Trade

A financial strategy that permits the trade of goods and services across borders without significant restrictions, tariffs, or bans.

Free Trade

The unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties, and quotas.

Living Standards

The magnitude of economic riches, comfort levels, material acquisitions, and basic livable needs assigned to a particular social strata or region.

International Trade

The exchange of goods and services across national borders, influenced by comparative advantages, tariffs, quotas, and agreements.