A Survey of the Wine Market Has Shown That the Preferred

question 160

Multiple Choice

A survey of the wine market has shown that the preferred wine for 17% of those surveyed is merlot. A merlot wine producer believes the figure is higher. A random sample of 550 adults was asked which wine they preferred. Suppose 115 replied that merlot was their wine preference.
-The p-value associated with the test statistic is _____.

• A).0146
• B).0122
• C).0073
• D).1335
• E).0244

---

Definitions:

Framing Effects

A cognitive bias where people react differently based on the way information is presented or framed, affecting decision-making and judgments.

Solar Panels

Devices that convert sunlight into electricity, using photovoltaic cells to capture and transform solar energy.

Neoclassical Economics

An economic methodology that explores how market distributions of commodities, outputs, and incomes are regulated by supply and demand dynamics.

Behavioral Economics

An area in economics focused on examining the impact of psychological, social, cognitive, and emotional elements on the economic choices made by individuals and institutions.