Pilots' Union Contract

question 152

Essay

Pilots' Union Contract
A union composed of several thousand pilots is preparing to vote on a new contract.A random sample of 500 pilots yielded 320 who planned to vote yes.It is believed that the new contract will receive more than 60% yes votes. ​ ​
-{Pilots' Union Contract Narrative} Can we infer at the 5% significance level that the new contract will receive more than 60% yes votes?

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Definitions:

External Adjustment

The process by which an economy corrects imbalances in its balance of payments, through changes in exchange rates, demand, and supply in foreign exchange markets.

Investment Funds

Pools of capital that are allocated to various securities or assets, managed by professional investment managers, intended to generate returns for investors.

Economic Growth

The increase in the total output of goods and services in an economy over time, often measured as the percentage increase in real gross domestic product (GDP).