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Economic Model Building Begins with the Construction of Greatly Oversimplified

Question 104

Multiple Choice

Economic model building begins with the construction of greatly oversimplified "benchmark" models,which are brought closer to reality by gradually removing the simplifying assumptions.In this process,more and more ________ variables become ________.


A) short-run,long-run
B) exogenous,endogenous
C) long-run,short-run
D) endogenous,exogenous
E) nominal,real

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