Explain the difference between an endogenous variable and, Microeconomics

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Explain the difference between an endogenous variable and

Problem

1. Explain the difference between an endogenous variable and an exogenous variable. Using examples from the national income model outlined in this chapter, distinguish between endogenous variables and exogenous variables.

2. How is the equilibrium level of national income determined in a closed economy?

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Microeconomics: Explain the difference between an endogenous variable and

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