TABLE 9-7 A Major Home Improvement Store Conducted Its Biggest Brand Recognition

question 8

Short Answer

TABLE 9-7
A major home improvement store conducted its biggest brand recognition campaign in the company's history. A series of new television advertisements featuring well-known entertainers and sports figures was launched. A key metric for the success of television advertisements is the proportion of viewers who "like the ads a lot." A study of 1,189 adults who viewed the ads reported that 230 indicated that they "like the ads a lot." The percentage of a typical television advertisement receiving the "like the ads a lot" score is believed to be 22%. Company officials wanted to know if there is evidence that the series of television advertisements are less successful than the typical ad (i.e. if there is evidence that the population proportion of "like the ads a lot" for the company's ads is less than 0.22) at a 0.01 level of significance.
-Referring to Table 9-7, what will be the p-value if these data were used to perform a two-tail test?

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Definitions:

Gross Domestic Product

The total value of all goods and services produced within a country's borders in a specific time period, serving as a broad measure of overall domestic production.

National Income Account

A set of accounts that provides detailed information about a country’s economic activity, such as GDP, GNP, and national income.

GDP Deflator

An economic metric that converts output measured at current prices into constant-dollar GDP, used to adjust for inflation.

GDP Deflator

A measure of inflation that divides the nominal GDP by the real GDP and then multiplies by 100, showing how much prices have changed over a specific period.