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What are the limitations of Samuelson general equilibrium model
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- Which of the statements best describes an exogenous variable in an economic model? An exogenous variable is a variable whose value does not have a relationship with the other variables in the model. An exogenous variable is a variable whose value is not included in the model An exogenous variable whose value does not change as the state of the economy changes An exogenous variable is a variable whose value does change as the stae of the economy changesDifferentiate between an exogenous variable and an endogenous variable in an economic model? Why isn’t it useful to construct an economic model that contains only exogenous variables (and no endogenous variables)?explain what is post heckscher-ohlin model?