Which of the Following Is True of Statistical Forecasting Methods

question 51

Multiple Choice

Which of the following is true of statistical forecasting methods that capture historic trends?

• A)They are useful for predicting events in the labor market that have no historic precedent.
• B)They are particularly useful in situations where there is no long,stable history.
• C)They provide predictions that are much more precise than judgmental methods.
• D)They remove the need for subjective judgments of experts.
• E)They include variables such as intuition and guesswork in economic decision-making.

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Definitions:

Matching Law

A principle that states that the proportion of responses directed towards alternatives is equal to the proportion of reinforcements obtained from those alternatives.

Reinforcement

A process in behaviorism where a behavior becomes more likely to occur in the future due to the consequences that follow the behavior.

Matching Law

A principle stating that the proportion of responses on a particular option matches the proportion of reinforcements received for that option.

Maximizing Law

The goal of behavior in a choice task, which is to obtain as many reinforcements as possible.