Sample Population -Refer to Sample Population

question 79

Multiple Choice

Sample Population
$\begin{array}{|l|l|}\hline \text { Person } & \text { Status } \\\hline \text { Allen } & \text { Unpaid stay at home dad. Has not looked for a job in several years. } \\\hline \text { Ben } & \text { College president. } \\\hline \text { Allison } & \text { Part-time welder. Actively looking for full time work. } \\\hline \text { Brittany } & \text { Self-employed full-time wedding singer. } \\\hline \text { Cathy } & \text { Full-time physician's assistant. } \\\hline \text { Calvin } & \text { Retired finance professor. Last applied for work } 10 \text { weeks ago. } \\\hline \text { Diane } & \text { Laid-off fork-lift operator expecting to be recalled. } \\\hline \text { David } & \text { Works for a bicycle store. Age 70. } \\\hline \text { Evelyn } & \text { Manager of health food store. } \\\hline \text { Eli } & \text { Museum guard. Was not at work last week due to ilness. } \\\hline \text { Flora } & \text { Has never been employed. Looked for a job last week. } \\\hline \text { Frank } & \text { Fired from job as an investment banker. Last looked for work three weeks ago. } \\\hline\end{array}$

-Refer to Sample Population. How many in the sample are in the labor force?

• A)10
• B)9
• C)8
• D)None of the above is correct.

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Definitions:

Consumption Function

A representation in economics indicating the relationship between total consumer expenditures and household income levels.

Interest Rate

The cost of borrowing money or the return on savings, expressed as a percentage, influencing economic activity by affecting spending and investment decisions.

Consumption Function

An economic formula representing the relationship between total consumption and gross national income, indicating how changes in income affect spending.

Saving

The portion of income not spent on current expenditures or consumption, often put aside for future use or investment.