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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If the change in the y-axis variable is 6 and the change in the x-axis variable is 5, the slope of this line is 6/5
Indicate whether the statement is true or false
According to the text, Singapore and Hong Kong are classified as industrially advanced countries (IACs)
a. True b. False Indicate whether the statement is true or false
Reservation price is: a. the maximum amount a customer would be willing to pay for a unit of output. b. the minimum price at which a seller would be willing to supply the product. c. always equal to the marginal cost
d. the same as market price.
For country A, an import is a good produced in:
A. country B and purchased by residents of country B. B. country B and purchased by residents of country A. C. country A and purchased by residents of country B. D. country A and purchased by residents of country A.