In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. More than one of the above.

In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. More than one of the above.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 6SCQ: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a...

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