The Results of a Survey About a Recent Judicial Appointment

question 15

Essay

The results of a survey about a recent judicial appointment are given in the table below. Construct a relative frequency distribution. $$\begin{array} { l | c } \text { Response } & \text { Frequency } \\ \hline \text { Strongly Favor } & 24 \\ \text { Favor } & 39 \\ \text { Neutral } & 9 \\ \text { Oppose } & 14 \\ \text { Strongly Oppose } & 114 \end{array}$$

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Definitions:

Credit Available

The amount of credit that a financial institution extends to a client, which the client has not yet used.

Autonomous Consumption

The level of consumption spending that occurs when income is zero, reflecting expenditures that consumers must make even when they have no income.

Permanent Income Hypothesis

Formulated by Milton Friedman, it states that the strongest influence on consumption is one’s estimated lifetime income.

Paradox of Thrift

An economic theory suggesting that while saving is beneficial to an individual, increased savings by the entire population can lead to a decrease in aggregate demand, ultimately reducing savings at a macroeconomic level.