ECO 6382 Homework 1.pdf - ECO 6382 Homework 1 1 Fill in the...

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ECO 6382 Homework 1 1. Fill in the question marks in the table below 2. The average annual growth rate in the United States from 1870 to 2012 is a. 0 percent. b. 2 percent. c. 5 percent. d. 10 percent. 3. In the labor market model, an endogenous variable is a. The wage rate. b. The number of labor unions. c. The population. d. The income tax rate. 4. The difference between a parameter and an exogenous variable is that a. A parameter is allowed to change over time, while an exogenous variable is fixed over time. b. A parameter is an outcome of the model, while an exogenous variable is an input to the model.
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c. A parameter is an input to the model, while an exogenous variable is an output of the model. d. A parameter is fixed over time, while an exogenous variable is allowed to change over time. 5. Over the last one hundred years, potential output has a. Always been above actual output. b. Always been below actual output. c. Always been equal to actual output. d. Been relatively equal to actual output except for the Great Depression era. 6. The difference between an exogenous and an endogenous variable is that: a. An exogenous variable is an input to the model while an endogenous variable is an outcome of the model. b. An exogenous variable is an outcome of the model, while an endogenous variable is an input to the model. c. An exogenous variable is fixed over time, while an endogenous varies over time.
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