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Twenty economist were chosen randomly, and asked to predict if the national economy would improve during...

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Statistics

Twenty economist were chosen randomly, and asked to predict ifthe national economy would improve during the next 12 months.Eleven of the economists predicted an improvement, and nineeconomists predicted a decrease in the economy. Conduct ahypothesis test to determine if there is a difference in theprediction for the national economy during the next 12 months. Usethe normal approximation to the Binomial. In addition, assign a “+”sign to “Improvement” and a “-” sign to “Decrease.” Conduct atwo-tailed test at the .05 significance level. Based on theanalysis, what is your conclusion?

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