Six People Have Declared Their Intentions to Run for a Seat

question 41

Short Answer

Six people have declared their intentions to run for a seat on the school board in the next local election. A poll is conducted during the campaign among 1,020 randomly sampled voters to determine if there is any clear preference among the voters. The responses are shown below. What is the critical value at the 5% level of significance?

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Definitions:

Government Intervention

Actions taken by government to affect the economy, markets or societal issues, which can include regulations, subsidies, and taxes.

Positive Externalities

These are benefits that a transaction or activity provides to those not involved in the transaction or activity.

Negative Externalities

Costs suffered by a third party as a result of an economic transaction that they were not directly involved in.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, typically resulting from increased production where the cost per unit of output drops as scale increases.