3 Questions
What are some examples of regions experiencing economic downturns while the national economy was growing, as mentioned in the text?
New England and California
Why are changes in regional trends and cycles notoriously difficult to predict, according to the text?
Economists know less about regional trends and cycles than they do about the national economy.
What is the expectation regarding the state economic forecast used in the executive budget, according to the text?
The rating agencies will expect the state economic forecast to be consistent with forecasts and activity in neighboring states, except where there are good reasons for differences.
Test your understanding of the role of economic forecasts in government budgeting and the use of mathematical models in forecasting the national economy. Explore the influence of external firms on the budget office's national forecast.
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