A Forecasting Model Has Produced the Following Forecasts, the Forecast

question 14

Multiple Choice

A forecasting model has produced the following forecasts, the forecast error for February is

• A) 10.
• B) -10.
• C) -15.
• D) -5

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Definitions:

Labor

The physical and mental effort used to produce goods and services.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.

Inferior Good

A type of good whose demand decreases when consumer income rises, contrary to normal goods, which see increased demand as incomes rise.

Inferior Good

A type of good whose demand decreases when the income of consumers increases.