In a Survey of 500 Randomly Selected Corporate CEOs and 1000

question 65

Multiple Choice

In a survey of 500 randomly selected corporate CEOs and 1000 randomly selected small business owners, 160 of the CEOs and 260 of the small business owners cited government over-regulation as a significant problem. You use a chi-square test to test the hypothesis that the proportion of individuals who hold this opinion is the same in both populations represented here.What is the p-value for the sample result? (You'll need a statistical calculator.)

• A).0325
• B).1002
• C).0147
• D).0273

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Definitions:

Long-Run Supply Curve

A graphical representation showing how the quantity supplied of a good or service varies with price over a long period, when all inputs can be varied.

Marginal Cost

The supplementary cost associated with making an additional unit of a product or service.

Marginal Revenue

The additional income received from selling one more unit of a good or service; it is an important concept in determining optimal output levels.

Break-Even Point

The point at which total costs and total revenue are equal, resulting in no net loss or gain.