The Following Simple Model Is Used to Determine the Annual

question 3

Multiple Choice

The following simple model is used to determine the annual savings of an individual on the basis of his annual income and education. Savings = β₀ + ₀ Edu + β₁Inc + u
The variable 'Edu' takes a value of 1 if the person is educated and the variable 'Inc' measures the income of the individual.
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Refer to the model above. The benchmark group in this model is _____.

• A)the group of educated people
• B)the group of uneducated people
• C) the group of individuals with a high income
• D) the group of individuals with a low income

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