Consider the R output listed below. With this information, answer the following: model.fit=arima(data, order=c(1,0,0),method="ML") model.fit Coefficients: arl intercept 0.4796 179.4921 0.0565 0.4268 sigma2 estimated as 6.495: log likelihood = -126.24, aic= 296.48 s.e. What is the common name for this model? Write down this model. (Write theoretically and also the estimated time series regression from the output). What estimation method is used to estimate this model? Test the null that this series is mean zero (write down the null and alternative hypothesis, test statistic, and decision rule). .Test the null that this series is only a function of white noise sequences (write down the null and alternative hypothesis, test statistic, and decision rule). Suppose we believed these estimates to be the true parameters, draw the autocorrelation function.

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Do you think the formation of the NMLS was necessary? Why or why not?

What is money, according to Adam Smith?  Is it an economic instrument that creates wealth, or inequality?  Describe 1 argument and make explicit reference to an idea from The Wealth of nations?

Which metal has the highest proportion of its technically recoverable reserves that are currently economically recoverable?

1. explain briefly The O-Ring Model proposed by Michael Kremer

Economists differ in their response to how governments should respond to the COVID19 crises. Economist 1 Gigi Foster: "I think that Australia can follow in the footsteps of many other countries in the world, some of which have not had lockdowns as strict as we have had here, such as again, Sweden”.  Foster argues the economy should be kept open or even more people will die from not having work or not being able to cope with lockdown.  If people die that is simply a cost of keeping the economy healthy.  Economist 2 Paul Krugman: “The main driving force behind reopening, as far as I can tell, was the administration’s desire to have big job gains leading into November, so that it could do what it knew how to do — boast about economic success.  Actually, dealing with the pandemic just wasn’t Trump’s kind of thing”. Krugman argues that government should, for the sake of health and the economy, deal with the virus.  The economy simply will not revive until the virus is under control. Discuss…

No hand written solution and no img  5. “ As a manger of a firm, you are concerned about a potential increase in interest rates, which would reduce the demand for your firms’ products. The Fed is scheduled to meet in one week to assess economic conditions and set monetary policy. Economic growth has been high, but inflation has also increased from 3% to 5% over the last four months. The level of unemployment is so low that it cannot go much lower. a. Given the situation, is the Fed likely to adjust monetary policy? If so how? b. Recently, the Fed has allowed the money supply to expand beyond its long term target range. Does this affect your expectations of what the Fed will decide at its upcoming meeting? c. Suppose the Fed has just learned that the treasury will need to borrow a large amount of funds than originally expected. Explain how this information may affect the degree to which the Fed changes its monetary policy. (This question is from our textbook P. 111)

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What are some of the O-ring model's application to everyday society?