A Large Positive Cumulative Error Indicates That the Forecast Is

question 36

Multiple Choice

A large positive cumulative error indicates that the forecast is probably

• A)higher than the actual demand.
• B)lower than the actual demand.
• C)unbiased.
• D)biased.

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Definitions:

Quotas

Limits set on the quantity of goods that can be imported or exported during a given time frame, often to protect domestic industries.

European Union

A political and economic union of 27 member states that are located primarily in Europe, aimed at fostering economic cooperation and integrating its members' economies.

Tariffs

Taxes imposed on imported goods, often used to protect domestic industries from foreign competition or to generate revenue.

Imported Bananas

Refers to bananas that are grown outside of the market country and then brought in through the importation process.