Consider the Following Hypothesis Test

question 113

Essay

Consider the following hypothesis test:
H₀: p = .5
H_a: p ≠ .5
A sample of 800 provided a sample proportion of .58.
a.
Determine the standard error of the proportion.
b.
Compute the value of the test statistic.
c.
Determine the p-value, and using α = .05, test the hypotheses.

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Definitions:

Fiscal Policy

A government's adjustment of its spending levels and tax rates to monitor and influence a country's economy.

National Debt

The total amount of money that a country's government has borrowed, typically through issuing government bonds.

Publicly Held

Refers to a company whose shares are traded openly on the stock market, allowing public investors to buy and sell.

Tax Cuts

Reductions in the amount of taxes imposed by a governing body, typically aimed at stimulating economic growth or achieving other fiscal policy goals.