Variables That Are Not Accounted for in a Model Are

question 37

Multiple Choice

Variables that are not accounted for in a model are called:

• A) endogenous factors.
• B) exogenous factors.
• C) normative statements.
• D) positive statements.
• E) the scientific method.

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Definitions:

Growth Rate

Growth rate measures the increase in value of a particular variable, such as the economy, a business, or an investment, within a specific time frame.

Annual

Pertaining to or occurring every year.

GDP Per Capita

The gross domestic product divided by the population, measuring the average economic output per person and often used as an indicator of living standards.

Population Increases

A rise in the number of individuals within a specific area or country, which can impact resources, employment, and economic growth.