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CHAPTER 20 TIME-SERIES ANALYSIS AND FORECASTING SECTIONS 1 - 2 MULTIPLE CHOICE QUESTIONS In the following multiple-choice questions, please circle the correct answer. 1. A time series is: a set of measurements on a variable collected at the same time or approximately the same period of time. a set of measurements on a variable taken over some time period in sequential order a model that attempts to analyze the relationship between a dependent variable and one or more independent variables a model that attempts to forecast the future value of a variable ANSWER: b 2. The time series component that reflects a long-term, relatively smooth pattern or direction exhibited by a time series over a long time period (more than one year) is called: long – term trend cyclical variation seasonal variation random variation ANSWER: a 3. The time series component that reflects variability over short repetitive time periods and has duration of less than one year is called: long – term trend cyclical variation seasonal variation random variation ANSWER: c 4. The time series component that reflects the irregular changes in a time series that are not caused by any other component, and tends to hide the existence of the other more predictable components, is called: long – term trend cyclical variation seasonal variation random variation ANSWER: d 5. Which of the four- time series component is more likely to exhibit the changes in stock market prices at particular times during the course of one day? Long – term trend Cyclical variation Seasonal variation Random variation ANSWER: c 6. The term “seasonal variation” may refer to: the four traditional seasons systematic patterns that occur during the period of one week systematic patterns that occur over the course of one day All of the above ANSWER: d 7. Which of the four time series components is more likely to exhibit the relative steady growth of the population of Egypt from 1964 to 2004? Long – term tren