Question 1 1 pts In an economic model, an exogenous variable is O a stand-in for a more complicated variable. O determined by the model itself. O determined outside of the model. O a variable that has no effect on the workings of the model.Question 2 1 pts In an economic model, an endogenous variable is C} a stand-in fora more complicated variable. C} determined bvthe model it5elf. C} determined outside of the model. C} a variable at has no effect on the workings of the model. Question 3 1 pts In a competitive equilibrium, all of the following hold except O the quantity of labor supplied equals the quantity of labor demanded. O aggregate output equals the sum of private consumption and government spending. O government spending is equal to the lump sum tax paid by the representative consumer. O the real wage is equal to the total factor productivity.Question 4 1 pts An increase in total factor productivity 0 increases consumption. increases output. and increases the real wage. C} increases consumption, reduces output, and reduces the real wage. 0 reduces consumption. reduces output, and reduces the real wage. C} reduces consumption. increases output, and reduces the real wage. D Question 5 1 pts In response to an increase in total factor productivity C: both the substitution effect and the income effect suggest that hours worked should increase. C: the substitution effect suggests that hours worked should increaser while the income effect suggests that hours worked should decrease. O the substitution effect suggests that hours worked should decrease. while the income effect suggests that hours worked should increase. ID both the income and substitution effect suggest that hours worked should decrease