Which of the following is a feature of models?
A) Models are the same as hypotheses.
B) Models help making predictions for the future.
C) Models are more complicated than real life phenomena.
D) Models are as complex as the phenomenon being studied.
B
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Refer to the figure above. If the yuan is allowed to float, at exchange rates below E yuan per dollar:
A) the excess supply of dollars in exchange for yuan increases the value of the dollar in the foreign exchange market. B) the excess supply of dollars in exchange for yuan lowers the value of the dollar in the foreign exchange market. C) the excess demand for dollars in exchange for yuan lowers the value of the dollar in the foreign exchange market. D) the excess demand for dollars in exchange for yuan increases the value of the dollar in the foreign exchange market.
The above figure shows three different supply-and-demand graphs. Which graph best represents the market for workers at your nearest fast-food restaurant?
A) Graph A B) Graph B C) Graph C D) None of the above.