Forecasting Software Packages Typically Report Several Summary Measures of the Forecasting

question 39

True/False

Forecasting software packages typically report several summary measures of the forecasting error.The most important of these are MAE (mean absolute error),RMSE (root mean square error),and MAPE (mean absolute percentage error).

---

Definitions:

Aggregate Demand Curve

A graphical representation showing the relationship between the total quantity of goods and services that households, businesses, and the government are willing to purchase at each price level.

Price Level

A measure of the average prices of goods and services in an economy at a given time, often used to monitor inflation or deflation.

Short-Run Aggregate-Supply Curve

A curve that shows the relationship between the total output of goods and services and the price level for output in the short run.

Wages Are Sticky

The theory that salaries do not adjust quickly to changes in market conditions, leading to unemployment or surpluses.