Extrapolation Methods Attempt to

question 23

Multiple Choice

Extrapolation methods attempt to

• A)use non-quantitative methods to predict future values.
• B)search for patterns in the data and then use those to predict future values.
• C)find variables that are correlated with the data being predicted.
• D)predict the next period's value by using the latest period's value.

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Definitions:

Income Distribution

The way in which total income is shared among different groups or individuals within an economy.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at each price level.

Hot-Dog Stand

A small-scale food retail outlet specializing in selling hot dogs, often found at busy street locations, events, or fairs.

Reservation Price

The reservation price is the maximum price that a consumer is willing to pay for a good or service or the minimum price a seller is willing to accept.