Answer to Question #23923 in Finance for Mayur

Question

On Oct. 7, 2012 the Bureau of Labor Statistics announced that the U.S. unemployment rate fell to 7.8% in September 2012, dropping below 8% for the first time in nearly 4 years. Most people consider this announcement helped President Obama to win the re-election. For example, the poll from Gallup showed 47% support in a sample of 3050 registered voters on Sept. 19 and 49% support in a sample of 3050 registered voters on Oct. 8.
(a) According to the poll, did the announcement raise the support rate of the President? (use p-value approach, at 95% significance level)
(b) According to your test and your result, if the announcement truly raised the support rate, you have made the correct decision? Or a Type I error? Or a Type II error?