In building an economic model,variables that will be explained by the model are referred to as ________ variables.
A) exogenous
B) endogenous
C) fluctuating
D) demonstrative

Question

Quizplus · Accepted Answer

Endogenous variables are those that are explained by the economic model itself, while exogenous variables are external factors that influence the model. Fluctuating and demonstrative are not commonly used terms in economic modeling.

In Building an Economic Model,variables That Will Be Explained by the Model