Which of the following best describes the difference(s) between a model and a theory?
a. A theory is a more abstract representation, while a model is more applied or empirical representation.
b. A model is a more abstract representation, while a theory is more applied or empirical representation.
c. Theories are used to test models.
d. Models have been proven, but theories are still being investigated.
a. A theory is a more abstract representation, while a model is more applied or empirical representation.
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Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 15 pizza each week, what is the maximum number of magazines can he buy?
A) 40 B) 20 C) 10 D) 200
Holding other things constant, a decrease in the inflation rate in the US compared to the Canadian economy will cause the demand for the Canadian dollar to _____________ and the supply to __________
a. Increase; decrease b. Increase, increase c. Decrease; Increase d. Decrease; Decrease