QUESTION #3. In another Harris poll, adults were asked if they are in favor of abolishing the penny. Among 200 responses, 104 answered “yes.”

1. a) Use a 0.07 significance level to test the claim that the population proportion of the people who answered “yes” is the same as 50%.

2. b) What does the conclusion mean?

QUESTION #4. In a survey, 716 out of 1132 randomly selected adults in the United States said that they use cell phones while driving.

1. a) Use a 0.02 significance level when testing the claim that the proportion of adults who use cell phones while driving is different than 70%.

2. b) What does the conclusion mean?

Answer True or False for all questions:

1. A society that relies on a market-based economy will always protect the natural environment.

2. With the technological developments in the twenty-first century, productivity growth is no longer an important factor in economic well-being.

3. The minimum wage is an example of a government price ceiling and results in a reduction in unemployment.

4. Efficient production can be carried out anywhere on or beyond the production possibilities frontier.

5. An economist would predict that if the government imposes price controls on medical care, the result will be an increase in the supply of affordable care in the United States.

6. Black markets can generally be eliminated when price ceilings are enacted.

In the years leading up to the 2008 recession, General Motors, Ford, and Chrysler (the big three) were producing new vehicles in excess of market demand. This led to large inventories on car dealer’s lots across the United States. At the same time, under the absorption costing method, profits were rising and executives at these three companies were achieving their short-term incentive targets. Explain how firms can increase net operating income simply by producing more units under the absorption costing method. Identify and discuss the ethical issues involved in the decision top executives in the big three auto companies made about the level of production.

In the years leading up to the 2008 recession, General Motors, Ford, and Chrysler (the big three) were producing new vehicles in excess of market demand. This led to large inventories on car dealer’s lots across the United States. At the same time, under the absorption costing method, profits were rising and executives at these three companies were achieving their short-term incentive targets. Explain how firms can increase net operating income simply by producing more units under the absorption costing method. Identify and discuss the ethical issues involved in the decision top executives in the big three auto companies made about the level of production.

Unions were tremendously successful in the late 19th and early 20th centuries because many manufacturing workers were low-skilled and spent most if not all of their working lives in a single manufacturing plant and with the same company. Today, the American economy is far more knowledge-based. Think about what compensation strategy would prove more effective today: the incentive-based, more knowledgeable worker, or the lower wage-base with more self-service? Based on what approach you choose, how would organized labor be affected? Is a knowledge-based economy yet another reason why unions continue to witness reduced membership in the United States?

This week, explain the various responsibilities and services of FEMA when a disaster occurs in the United States. Do some research on past disasters, and describe how FEMA supported the community and disaster efforts. Address 2-3 of the following.

• How did FEMA help people prepare for the disaster?
• What services did FEMA provide to the community?
• Who else participated in the disaster relief efforts?
• How much monetary damage was caused by the disaster? Or, how much did FEMA spend in relief?
• What was public perception of FEMA and the response they provided?

Provide links to your sources for others to reference.   

Support your answer with evidence from the disasters that you researched.

According to the University of Nevada Center for Logistics Management, 6% of all merchandise sold in the United States gets returned. A Houston department store sampled 80 items sold in January and found that 10 of the items were returned.

a. Construct a point estimate of the proportion of items returned for the population of sales transactions at the Houston store.

10/80 = .125

b. Construct a 90% confidence interval for the proportion of returns at the Houston store.

????,???? (to 4 decimals)

c. Is the proportion of returns at the Houston store significantly different from the returns for the nation as a whole? Provide statistical support for your answer.

H₀: p_{0 =}  0.06

H_a: P₀? 0.06

Z- Value = ?????

P-Value = ?????

You are planning on analyzing data that show the incidence of terrorist events across the United States. Write a brief paragraph that includes the following information:
i.) provide examples of different variables at the nominal, ordinal, and ratio scale variable that you would encounter in this context,
ii.) explain what type of central tendency (mean, median, or mode) you would use to best represent each of the three variables in your example, and
iii.) describe for which variable(s) you would be able to compute and interpret a standard deviation.

NOTE: Be sure to provide enough detail in your descriptions so that we can determine how each of your three variables are measured.