The Following Economic Model Predicts Whether a Voter Will Vote $\beta$

question 19

Multiple Choice

The following economic model predicts whether a voter will vote for an incumbent school board member INCUMBENT = $\beta$ ₁ + $\beta$ ₂ MALE + $\beta$ ₃ PARTY + $\beta$ ₄ MARRIED + $\beta$ ₅ KIDS
Where
INCUMBENT = 1 if the voter votes for them,0 otherwise,
MALE = 1 if the voter is a male,
PARTY indicates the voter is registered with the same political party as the incumbent,
MARRIED = 1 for married voters,0 otherwise,and
KIDS is the number of school age kids living with the voter.
What is the probability that a married female without kids who is not registered with a political party will vote for the incumbent?

• A)\(\beta\)₁ + \(\beta\)₄
• B)\(\beta\)₁
• C)\(\beta\)₁ + \(\beta\)₂ + \(\beta\)₃ + \(\beta\)₅
• D)\(\beta\)₂ + \(\beta\)₃ + \(\beta\)₅

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Definitions:

Coke and Pepsi

Refers to a classic example of duopoly in economics, representing competition between two dominant firms in a market.

Perfect Complementarity

Refers to a situation in consumer choice theory where two goods are always consumed together in fixed proportions because one is perfectly complementary to the other.

Engel Curve

A graph showing the relationship between the income of a consumer and the amount of a good that the consumer buys, illustrating how spending on a good varies with income.

Left and Right Shoes

Items that are perfect complements in consumption, where the use of one without the other is generally considered incomplete or unsatisfactory.