Consumer confidence
At various times in 2007, when asked if economic conditions were getter better or worse, consistently more than 20% of U.S. adults said better. On January 19-20, 2008, when Gallup polled 2590 U.S. adults, only 13% said that conditions were getting better. Do these responses give evidence that consumer confidence has decreased from the 2007 level?
a) Write appropriate hypotheses.
b) Check the assumptions and conditions.
c) Perform the test and find the P-value.
d) State your conclusion.
e) Do you think this difference is meaningful? Explain.