Given Forecast Errors of 5, 0, −4, and 3, What

question 18

Multiple Choice

Given forecast errors of 5, 0, −4, and 3, what is the mean absolute deviation?

• A) 1
• B) 2
• C) 2.5
• D) 3
• E) 12

Understand the role of innovation in business success and its relation to business size.

Recognize the employment patterns and contributions of small businesses in the job market.

Understand the challenges faced by small businesses, including financing, taxation, and government regulations.

Appreciate the diversity of ownership and the varied challenges they face in today’s market.

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Definitions:

Lowest Quintile

The segment of a population that falls into the bottom 20% based on income or another measurable characteristic.

Income Distribution

The way in which total income is shared among the population or different segments of an economy.

Lorenz Curve

A graphical representation used in economics to show the distribution of income or wealth within a society, illustrating levels of inequality.

Personal Distribution

The distribution of income and wealth among individuals and households in an economy.