The time series component that reflects a wavelike pattern describing a long-term trend that is generally apparent over a number of years is called:
A) trend.
B) cyclical.
C) seasonal.
D) random variation.

Question

Quizplus · Accepted Answer

The description given in the question matches the definition of a cyclical component, which reflects a pattern that repeats over a long period of time, typically several years. The trend component represents a long-term direction of change, but not necessarily with a wavelike pattern, and is usually apparent over a much longer time horizon than a cyclical component. Seasonal components reflect regular patterns that occur within the span of a year, such as temperature or sales fluctuations by season. Random variation is the component of the time series that cannot be explained by any of the other components and is typically a result of chance or unforeseen events.

The Time Series Component That Reflects a Wavelike Pattern Describing