Qualitative Approaches to Forecasting Generally Use

question 34

Multiple Choice

Qualitative approaches to forecasting generally use:

• A) statistical analysis of historical data.
• B) mathematical models.
• C) expert opinions.
• D) surveys.

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Definitions:

U.S. GDP

The gross domestic product of the United States, a measure of the economic output of the entire country within a specific time frame.

Protectionism

Economic policy of restricting imports from other countries through methods such as tariffs and import quotas, to protect domestic industries.

Domestic Producers

Local manufacturers or growers of goods within a country's borders.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.