Notes: Hours = average hours worked during the year Rate = average hourly wage (dollars) ERSP = average yearly earnings of spouse (dollars) ERNO = average yearly earnings of other family members (dollars) NEIN = average yearly nonearned income Assets = average family asset holdings (bank account, etc.) (dollars) Age = average age of respondent Dep = average number of dependents School = average highest grade of school completed Source: D. H. Greenberg and M. Kosters, Income Guarantees and the Working Poor, The Rand Corporation, R-579-OEO, December 1970.

10.32. Refer to the Longley data given in Section 10.10. Repeat the regression given in the table there by omitting the data for 1962; that is, run the regression for the period 1947-1961. Compare the two regressions. What general conclusion can you draw from this exercise?

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