eco 550 midterm part 2.docx - Question 1 4 out of 4 points...

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Question 1 4 out of 4 points Time-series forecasting models: Selected Answer: are based solely on historical observations of the values of the variable being forecasted Correct Answer: are based solely on historical observations of the values of the variable being forecasted Question 2 4 out of 4 points For studying demand relationships for a proposed new product that no one has ever used before, what would be the best method to use? Selected Answer: consumer surveys, where potential customers hear about the product and are asked their opinions Correct Answer: consumer surveys, where potential customers hear about the product and are asked their opinions Question 3 4 out of 4 points Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example? Selected Answer: survey techniques and opinion polling Correct Answer: survey techniques and opinion polling Question 4 4 out of 4 points The use of quarterly data to develop the forecasting model Y t = a +bY t−1 is an example of which forecasting technique? Selected Answer: Time-series forecasting Correct Answer: Time-series forecasting Question 5 4 out of 4 points An example of a time series data set is one for which the:
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Selected Answer: data would be collected for a given firm for several consecutive periods (e.g., months). Correct Answer: data would be collected for a given firm for several consecutive periods (e.g., months). Question 6 4 out of 4 points Smoothing techniques are a form of ____ techniques which assume that there is an underlying pattern to be found in the historical values of a variable that is being forecast.
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