In 2011, when the Gallup organization
Question # 00671341
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Updated on: 04/11/2018 09:07 AM Due on: 04/11/2018
Has Gold Lost its Luster?
In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. However, in April of 2013 Gallup surveyed a random sample of U.S. adults. Respondents were asked to select the best long-term investment from a list of possibilities. Only 241 of the 1005 respondents chose gold as the best long-term investment.
- Compute the standard error of the sample proportion.
- Compute and describe a 95% confidence interval in the context of the case.
- Do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorable rate, or do you think this is a sample variability? Explain your answer using the calculated statistics
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Solution: In 2011, when the Gallup organization