Use the Data Given Below to Answer the Following Question(s)

question 48

Multiple Choice

Use the data given below to answer the following question(s) .
Following is an extract from the Employee Payroll Database of HFR Informatics Inc. $\begin{array}{|l|l|l|l|c|}\hline\text { Employee } & \text { Ethnic Group } & \text { Gender } & \begin{array}{c}\text { Rank / } \\\text { Grade }\end{array} & \begin{array}{c}\text { Pay } \\\text { Scale }\end{array} \\\hline \text { Maria } & \text { Asian American } & \text { Female } & 3 & \text { A } \\\hline \text { Peter } & \text { White American } & \text { Male } & 2 & \text { B } \\\hline \text { George } & \text { Hispanic } & \text { Male } & 1 & \text { C } \\&\text { American }\\\hline \text { Smith } & \text { Black American } & \text { Female } & 1 & \text { D } \\\hline \text { Johnson } & \text { Alaska Native } & \text { Male } & 2 & \text { E } \\\hline \text { Thompson } & \text { Asian American } & \text { Male } & 2 & \text { B } \\\hline \text { Martinez } & \text { Alaska Native } & \text { Male } & 3 & \text { A } \\\hline \text { Lewis } & \text { White American } & \text { Female } & 2 & \text { B } \\\hline \text { Lee } & \text { Black American } & \text { Male } & 2 & \text { A } \\\hline \text { Taylor } & \text { Asian American } & \text { Female } & 1 & \text { B } \\\hline \text { Carter } & \text { Asian American } & \text { Male } & 2 & \text { C } \\\hline \text { Edwards } & \text { Hispanic } & \text { Male } & 2 & \text { E } \\&\text { American }\\\hline \text { Bailey } & \text { White American } & \text { Male } & 2 & \text { B } \\\hline \text { Cooper } & \text { White American } & \text { Male } & 2 & \text { A } \\\hline \text { Bill } & \text { Alaska Native } & \text { Male } & 3 & \text { E } \\\hline \text { Cox } & \text { Asian American } & \text { Male } & 1 & \text { A } \\\hline \text { Perry } & \text { Hispanic } & \text { Female } & 2 & \text { C } \\&\text { American }\\\hline \text { Flores } & \text { Alaska Native } & \text { Female } & 2 & \text { B } \\\hline \text { Woods } & \text { White American } & \text { Male } & 3 & \text { E } \\\hline \text { Cole } & \text { Asian American } & \text { Female } & 1 & \text { A } \\\hline\end{array}$
-What is the relative frequency of Female employees?

• A) 0.65
• B) 0.75
• C) 0.25
• D) 0.35

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Definitions:

Prospect Theory

A behavioral economic theory that describes how people make choices when faced with uncertain outcomes, emphasizing the value of gains and losses rather than final outcomes.

Default Options

Pre-selected choices or settings designed to simplify decision-making by assuming a standard action unless an alternative is specified.

Status Quo Bias

A cognitive bias that leads individuals to prefer things to stay the same by resisting change or new alternatives.

Behavioral Economics

A field of economic research that examines how psychological, cognitive, emotional, cultural, and social factors affect economic decisions made by individuals and institutions.