In an Economic Model,an Exogenous Variable Is

question 40

Multiple Choice

In an economic model,an exogenous 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.

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Definitions:

Internal Locus

A psychological concept referring to individuals who believe they have control over their life events and outcomes, as opposed to external forces.

External Locus

The belief that one's life events are largely controlled by external forces or fate rather than one's own efforts.

Hypothalamus

A small region of the brain's base that controls vital functions such as temperature regulation, thirst, hunger, sleep, and emotional activity.

Endocrine Glands

Glands of the endocrine system that release hormones directly into the bloodstream, regulating various bodily functions.