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Forecasting Accuracy and Evaluation

Description: This quiz is designed to assess your understanding of forecasting accuracy and evaluation methods used in economic forecasting.
Number of Questions: 15
Created by:
Tags: forecasting accuracy evaluation economic forecasting
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Which of the following is NOT a common measure of forecasting accuracy?

  1. Mean Absolute Error (MAE)

  2. Root Mean Squared Error (RMSE)

  3. Adjusted R-squared

  4. Akaike Information Criterion (AIC)

Show answer
Correct Option: C
Explanation:

Adjusted R-squared is a measure of goodness of fit for a regression model, not a measure of forecasting accuracy.

Which of the following is NOT a common method for evaluating forecasting accuracy?

  1. Holdout sample

  2. Cross-validation

  3. Rolling origin

  4. Backtesting

Show answer
Correct Option: D
Explanation:

Backtesting is a method for evaluating the performance of a trading strategy, not a method for evaluating forecasting accuracy.

Which of the following is NOT a common type of forecasting error?

  1. Bias

  2. Variance

  3. Autocorrelation

  4. Heteroskedasticity

Show answer
Correct Option: D
Explanation:

Heteroskedasticity is a property of a regression model, not a type of forecasting error.

Which of the following is NOT a common method for improving forecasting accuracy?

  1. Using a larger sample size

  2. Using more relevant variables

  3. Using a more sophisticated forecasting model

  4. Ignoring outliers

Show answer
Correct Option: D
Explanation:

Ignoring outliers can lead to biased and inaccurate forecasts.

Which of the following is NOT a common challenge in forecasting?

  1. Dealing with missing data

  2. Dealing with non-stationary data

  3. Dealing with structural breaks

  4. Dealing with overfitting

Show answer
Correct Option: D
Explanation:

Overfitting is a problem in machine learning, not a challenge in forecasting.

Which of the following is NOT a common type of forecasting model?

  1. Linear regression

  2. Autoregressive integrated moving average (ARIMA)

  3. Exponential smoothing

  4. Neural networks

Show answer
Correct Option: D
Explanation:

Neural networks are a type of machine learning model, not a type of forecasting model.

Which of the following is NOT a common application of forecasting?

  1. Economic forecasting

  2. Financial forecasting

  3. Sales forecasting

  4. Weather forecasting

Show answer
Correct Option: D
Explanation:

Weather forecasting is a type of natural science, not a type of economic forecasting.

Which of the following is NOT a common type of economic forecasting?

  1. GDP forecasting

  2. Inflation forecasting

  3. Unemployment forecasting

  4. Stock market forecasting

Show answer
Correct Option: D
Explanation:

Stock market forecasting is a type of financial forecasting, not a type of economic forecasting.

Which of the following is NOT a common type of financial forecasting?

  1. Earnings per share (EPS) forecasting

  2. Revenue forecasting

  3. Cash flow forecasting

  4. Interest rate forecasting

Show answer
Correct Option: D
Explanation:

Interest rate forecasting is a type of economic forecasting, not a type of financial forecasting.

Which of the following is NOT a common type of sales forecasting?

  1. Demand forecasting

  2. Market share forecasting

  3. Sales volume forecasting

  4. Customer churn forecasting

Show answer
Correct Option: D
Explanation:

Customer churn forecasting is a type of marketing forecasting, not a type of sales forecasting.

Which of the following is NOT a common type of marketing forecasting?

  1. Brand awareness forecasting

  2. Customer satisfaction forecasting

  3. Market share forecasting

  4. Sales forecasting

Show answer
Correct Option: D
Explanation:

Sales forecasting is a type of sales forecasting, not a type of marketing forecasting.

Which of the following is NOT a common type of forecasting software?

  1. SAS

  2. SPSS

  3. Stata

  4. Excel

Show answer
Correct Option: D
Explanation:

Excel is a spreadsheet program, not a forecasting software.

Which of the following is NOT a common type of forecasting conference?

  1. International Symposium on Forecasting

  2. European Conference on Forecasting

  3. Asia-Pacific Symposium on Forecasting

  4. American Statistical Association Annual Meeting

Show answer
Correct Option: D
Explanation:

The American Statistical Association Annual Meeting is a general statistics conference, not a forecasting conference.

Which of the following is NOT a common type of forecasting journal?

  1. International Journal of Forecasting

  2. Journal of Forecasting

  3. Forecasting: International Journal of Time Series Analysis

  4. Econometrica

Show answer
Correct Option: D
Explanation:

Econometrica is a general economics journal, not a forecasting journal.

Which of the following is NOT a common type of forecasting book?

  1. Principles of Forecasting

  2. Forecasting: Methods and Applications

  3. Time Series Analysis and Forecasting

  4. Econometrics

Show answer
Correct Option: D
Explanation:

Econometrics is a general economics book, not a forecasting book.

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