Figure 1.1 -Figure 1.1 Displays Exogenous Variables Entering a Model from Which

question 48

Essay

Figure 1.1
-Figure 1.1 displays exogenous variables entering a model from which emerge endogenous variables.Yet,in the five-step process to develop an economic model,the macroeconomist specifies the endogenous variables first,then the exogenous variables.Which is the correct sequence? Explain.

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Definitions:

Structure The Meeting

This involves organizing and planning a meeting in a way that ensures it is effective and efficient, with clear objectives, an agenda, and designated times for discussions.

Plan A

Often implies a primary strategy or initial course of action set before any alternatives are considered.

Plan B

A backup plan or alternative strategy in case the original plan fails or circumstances change.

Social Influence

The effect of other people's actions, perceptions, or behavior on an individual's attitudes, beliefs, or actions.