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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.