If You Live in California,the Decision to Buy Earthquake Insurance

question 112

Short Answer

If you live in California,the decision to buy earthquake insurance is an important one.A survey revealed that only 133 of 337 randomly selected residences in one California county were protected by earthquake insurance.What is the p-value associated with the test statistic calculated to test the claim that less than 40 percent of the county residents are protected by earthquake insurance?

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Definitions:

Median Voter

A theory which suggests that the outcome of a majority vote is most likely to represent the preferences of the voter who is in the middle of the political spectrum.

Road Repair

The process of fixing and maintaining roads to ensure they are safe and efficient for transportation.

Condorcet Paradox

A scenario in social choice theory where collective preferences can be cyclical, even if the preferences of individual voters are not, leading to the absence of a clear majority opinion.

Transitive Preferences

In decision theory, a preference system where if an individual prefers option A to B and B to C, then they also prefer A to C.