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)long-term trend
B)cyclical variation
C)seasonal variation
D)random variation

Question

Quizplus · Accepted Answer

Cyclical variation is the time series component that reflects a wavelike pattern describing a long-term trend that is generally apparent over a number of years. This can be caused by economic cycles, political cycles, or other large-scale societal changes that lead to fluctuations in the data. The other answer choices refer to different time series components: long-term trend refers to a gradual change in the mean level of the data over time, seasonal variation refers to recurring patterns that occur within a year, and random variation refers to the unpredictable, erratic variability in the data that cannot be explained by other factors.

The Time Series Component That Reflects a Wavelike Pattern Describing