In a time series, economic periods of prosperity followed by recession are described as:
A) Secular trend
B) Seasonal variation
C) Cyclical variation
D) Erratic variation

Question

Quizplus · Accepted Answer

Economic periods of prosperity followed by recession are described as cyclical variation, as they follow a repeated pattern over a period of time. Secular trend refers to long-term gradual changes, seasonal variation refers to regular patterns that occur within a year, and erratic variation refers to unpredictable fluctuations with no clear pattern.

In a Time Series, Economic Periods of Prosperity Followed by Recession