The method of forecasting that can utilize large number of equations to describe many of the economic relationships in an entire country is called:
A) trend analysis.
B) barometric forecasting.
C) an econometric model.
D) an input-output analysis.
E) a survey.

Question

Quizplus · Accepted Answer

Econometric models use statistical techniques to estimate the relationships between various economic variables and can incorporate a large number of equations and data points to forecast economic trends. Trend analysis and barometric forecasting are simpler methods of forecasting, while input-output analysis is a different type of economic modeling. Surveys involve gathering data through direct inquiries rather than creating a model.

The Method of Forecasting That Can Utilize Large Number of Equations