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All economic models—indeed all models in science—distinguish between exogenous and endogenous variables. Using examples and economic history, explain carefully the difference between an exogenous variable and an from economics endogenous variable. 2. Which one of these macroeconomic variables—(a) the inflation rate, (b) the interest rate, (c) the labor force participation rate, or (d) the unemployment rate—measures the rate of change of a variable? Explain your answer.
1. All economic models—indeed all models in science—distinguish between exogenous and endogenous variables. Using examples and economic history, explain carefully the difference between an…