Which one of the figures above shows the impact of an increase in the demand for United States (US) agricultural products by SA citizens, as well as a rise in the number of SA citizens migrating to the US?

When SA citizens want to buy US agricultural products, they need to convert their South African Rand into US dollars to pay for these goods. This action increases the demand for US dollars in the foreign exchange market. An increase in demand is represented by a rightward shift of the demand curve for US dollars.

When SA citizens migrate to the US, they will typically convert their assets and income from South African Rand to US dollars to live and spend in the United States. This action also increases the demand for US dollars in the foreign exchange market. Therefore, this event also causes the demand curve for US dollars to shift to the right.
Additionally, if SA citizens are migrating out of South Africa, there might be a reduction in the production of goods and services in SA that are typically exported to the US. If US imports from SA decrease, US citizens will demand fewer South African Rand, which means they will supply fewer US dollars to the foreign exchange market. This would cause the supply curve of US dollars to shift to the left.

Both events lead to an increase in the demand for US dollars (rightward shift of the demand curve). The migration event can also lead to a decrease in the supply of US dollars (leftward shift of the supply curve).

• Figure 3 shows the demand curve shifting to the left (D to D1), indicating a decrease in demand. This is incorrect.
• Figure 4 shows the demand curve shifting to the right (D to D1), indicating an increase in demand. It also shows the supply curve shifting to the left (S to S1), indicating a decrease in supply. This combination of shifts (demand right, supply left) is consistent with the analysis of both events. The new equilibrium (E1) shows an appreciation of the US dollar (higher R/$) and a potentially lower quantity of dollars exchanged, which is a possible outcome of these shifts.

Therefore, Figure 4 accurately depicts the combined impact of both events on the market for US dollars.

The final answer is $\text{d. figure 4}$.