In Economic Models,variables Taken as Given and Not Explained by the Model

question 157

Multiple Choice

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.

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Definitions:

Theory Y

The assumption that people are willing to work, like responsibility, and are self-directed and creative.

Managers

Individuals in an organization responsible for directing and overseeing the work of a group of people toward the achievement of goals.

Hawthorne Studies

A series of studies conducted in the early 20th century focusing on worker productivity, leading to insights on the importance of social relations and worker attention.

Compensation

Payment or benefits provided to employees in exchange for their labor or services.