What Kind of Sign Test Should Be Applied, If H₀ $\le$

question 29

Short Answer

What kind of sign test should be applied, if H₀: $\le$ 0.50, H₁: $\pi$ > 0.50 and the level of significance is 0.05? ____________________

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Definitions:

Great Leap Forward

A movement led by Mao Zedong in China between 1958 and 1962 aimed at rapidly transforming China into a socialist society through rapid industrialization and collectivization, which unfortunately led to widespread famine.

Central Planning

A system of economy in which all choices about the creation and allocation of goods and services are made by the government or a central body.

Capitalist Form

A socio-economic system characterized by private ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.

Mixed Economy

An economic system combining private and public enterprise.