i. Long-term forecasts are usually from one year to more than 10 years into the future.
ii. A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
iii. Many business and economic time series have a recurring seasonal pattern.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Question

i. Long-term forecasts are usually from one year to more than 10 years into the future. 
ii. A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
iii. Many business and economic time series have a recurring seasonal pattern.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Quizplus · Accepted Answer

All three statements are true. Statement (i) defines long-term forecasts, statement (ii) explains why forecasts are necessary, and statement (iii) highlights the common occurrence of seasonal patterns in many business and economic time series.

I Long-Term Forecasts Are Usually from One Year to More