A Union Composed of Several Thousand Employees Is Preparing to Vote

question 31

Essay

A union composed of several thousand employees is preparing to vote on a new contract. A random sample of 500 employees yielded 320 who planned to vote yes. It is believed that the new contract will receive more than 60% yes votes. Can we infer at the 5% significance level that the new contract will receive more than 60% yes votes?
Test statistic = ______________
p-value = ______________
Conclusion: ______________
Interpretation: __________________________________________

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Definitions:

Labor

The work and time for which employees are paid.

Resources

The total means available for economic and political development, such as minerals, labor, and capital.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors.

Barrels

A unit of measure for volume commonly used in the oil industry, equivalent to 42 U.S. gallons.