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Consider the following data that identifies real gross domestic product (GDP) in comparison to the long-run trend of real GDP to answer the following questions:
-In what quarter did this economy enter a recession?
Cumulative Error
The overall error that accumulates when multiple measurements or calculations are combined or sequenced in a process.
Mean Absolute Deviation
A measure of variability that quantifies the average absolute difference between each data point and the mean of the data set.
Time Series Trend Equation
A mathematical formula that models the underlying trend of a time series data set, often used for forecasting future values.
Negative Slope
a term describing a line or curve on a graph that displays a decrease in the y-value as the x-value increases, indicative of an inverse relationship.
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