A steady state
A)is a shortrun equilibrium which describes what the exogenous variables in a model will do if they are not disturbed by any other variable in the model.
B)is a shortrun equilibrium which describes what the endogenous variables in a model will do if they are not disturbed by any other variable in the model.
C)is a longrun equilibrium which describes what the exogenous variables in a model will do if they are not disturbed by any other variable in the model.
D)is a longrun equilibrium which describes what the endogenous variables in a model will do if they are not disturbed by any other variable in the model.

Question

​A steady state
A)​is a short­run equilibrium which describes what the exogenous variables in a model will do if they are not disturbed by any other variable in the model.
B)​​is a short­run equilibrium which describes what the endogenous variables in a model will do if they are not disturbed by any other variable in the model.
C)​is a long­run equilibrium which describes what the exogenous variables in a model will do if they are not disturbed by any other variable in the model.
D)​​is a long­run equilibrium which describes what the endogenous variables in a model will do if they are not disturbed by any other variable in the model.

Quizplus · Accepted Answer

A steady state is a long-run equilibrium which refers to the condition in which the endogenous variables in a model will not change over time if they are not disturbed by any other variable in the model. It is often used in dynamic models to describe the long-term behavior of the economy or a system.

​A Steady State

A Steady State