One question (called NATFAREY) on the General Social Survey for the year 2008 asks, “Are we spending too much, too little, or about the right amount on assistance to the poor?” Of the 998 people who responded in 2008, 695 said too little, 217 said about right, and 86 said too much.
a. Find the point estimate of the population proportion who would answer “about right.”
b. The margin of error of this estimate is 0.05. Explain what this represents.