Problem: A survey of 300 CEOs finds that 174 of them think that the economy will improve next year. Is there evidence that the rate is higher among all CEOs than the 53% reported by the public at large? Provide your rationale and any supporting data.
Required:
Question 1: Find the standard deviation of the sample proportion based on the null hypothesis.
Question 2: Find the z-statistic.
Question 3: Does he z-statistic seem like a particularly large or small value?