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TABLE 12-1
A corporation randomly selects 150 salespeople and finds that 66% who have never taken a self-improvement course would like such a course. The firm did a similar study 10 years ago in which 60% of a random sample of 160 salespeople wanted a self-improvement course. The groups are assumed to be independent random samples. Let π₁ and π₂ represent the true proportion of workers who would like to attend a self-improvement course in the recent study and the past study, respectively.
-Referring to Table 12-1, the company tests to determine at the 0.05 level whether the population proportion has changed from the previous study. Which of the following is most correct?
Tax Increase
The act of raising the amount of taxes owed by individuals or businesses, often undertaken by governments seeking to boost revenue.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity supplied at those prices.
Elastic Demand
A situation in economics where the quantity demanded of a good or service changes significantly as its price changes.
Many Substitutes
Refers to a situation where numerous alternative products or services are available for consumers, often leading to competitive markets.
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