If Actual Demand for a Product Is Highly Influenced by Only

question 43

Multiple Choice

If actual demand for a product is highly influenced by only random variation, the quantitative technique to use for forecasting demand is

• A)Regression
• B)Moving average
• C)Mean Absolute Percentage Error (MAPE)
• D)Delphi

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Definitions:

Full Employment GDP

The level of GDP at which all available labor resources are being used in the most efficient way possible, typically associated with a low unemployment rate.

C + I

Represents the sum of consumption (C) and investment (I) in an economy, indicating total expenditures on goods and services.

C + S

Represents the sum of consumption (C) and savings (S), which together account for all disposable income in an economy.

Henry Ford

An American industrialist and founder of the Ford Motor Company, who revolutionized factory production with his assembly-line methods.