Which of the following statements correctly differentiates between a model and a hypothesis?
A) Testing a hypothesis does not require data, whereas testing a model requires data.
B) A model is a simplified representation of reality, whereas a hypothesis is a model's predictions.
C) A hypothesis can be used to make predictions for the future, whereas a model can only explain the past.
D) Testing a model requires data, whereas testing a hypothesis does not require data.
B
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The equation E$/£ = 2 means that:
a. one dollar buys 2 pounds. b. one dollar buys 1/2 a pound. c. 2 pounds buy one dollar. d. one dollar buys one pound.
Debtors gain and creditors lose when
A) the anticipated rate of inflation is greater than the actual rate of inflation. B) the anticipated rate of inflation is less than the actual rate of inflation. C) the anticipated rate of inflation is the same as the unanticipated rate of inflation. D) the unanticipated rate of inflation is zero.