Question

27. State the valueable which did not directly influence the decision process?
(A) Exogenous variable
(B) input variable
(C) output variable
(D) perceptual variable​

Answer 1

Explanation:

In an economic model, an exogenous variable is one whose value is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable. In contrast, an endogenous variable is a variable whose value is determined by the model.