A Sample of 2,000 Union Members Was Selected,and a Survey

question 54

True/False

A sample of 2,000 union members was selected,and a survey recorded their opinions regarding a proposed management union contract. A total of 1,600 members were in favor of it. A 95% confidence interval estimated that the population proportion was between 0.78 and 0.82. This indicates that about 80 out of 100 similarly constructed intervals would include the population proportion.

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Definitions:

Demand and Supply of Wheat

The relationship between the quantity of wheat buyers are willing to purchase and the quantity of wheat producers are willing to sell at various prices.

Temporary Price

A price set for a product or service for a limited period before it is expected to change.

Surplus

The situation in which the quantity of a good supplied exceeds the quantity demanded, often leading to lower prices.

Shortage

A market condition when the demand for a product exceeds its supply at a specific price.