Pilots' Union Contract

question 152

Essay

Pilots' Union Contract
A union composed of several thousand pilots is preparing to vote on a new contract.A random sample of 500 pilots yielded 320 who planned to vote yes.It is believed that the new contract will receive more than 60% yes votes. ​ ​
-{Pilots' Union Contract Narrative} Can we infer at the 5% significance level that the new contract will receive more than 60% yes votes?

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Definitions:

Labor Market

The marketplace where workers seek employment and employers seek workers, defined by supply and demand for labor.

Marginal Productivity

The additional output that is produced by using one more unit of a factor of production, keeping all other factors constant.

Income Distribution

The way in which a nation’s total income is distributed among its population.

Factor Markets

Markets where services of the factors of production (land, labor, capital) are bought and sold.