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AS/ECON 3210 3.0A: USE OF ECONOMIC DATA
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MIDTERM EXAMINATION
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October 19, 2009, Course Director: Dr. John Paschakis Duration: 1 1/2 Hours TOTAL WORTH: 30% STUDENT NAME: ~. _,_.2.....!.__,.,__,_. _._.
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INSTRUCTIONS:
1. This midterm examination is comprised of 60 multiple choice ques
tions, 2. Please answer all questions by marking the appropriate spaces on the computerized answer sheet. 3. Time allowed: 90 minutes.
1
MULTIPLECHOICE TEST QUESTIONS; Choose the one alternative that best completes the statement or answer the question.
THE SIMPLE LINEAR REGRESSION MODEL
1.
Consider the linear regression model: Yt = a + (3Xt following statements is correct?
+ Ut.
Which of the
A. This model relates a dependent variable Y to a single independent variable X. B. The term 0: + (3X is the deterministic part of the model. C. The error term tit is the stochastic part of the model. D. The conditional mean (or expectation) of Y for a given X is given by E(Yt/ Xt) = a + (3Xt• E. All of the above. E 2. Which of the following models are linear regression models?
A. Yt = (31 + !h In X, + tit B. In Yt = (31 + f32Xt + tit C. In Yt = (31 + (32lnXt + tit
A. B. C. D. E. (A) (B) (C) All (A) only. only. only. of the above. and (B) only.
D NEW NEW 3. In the simple linear regression model, Yt residual for observation i is:
= a + (3Xt + Ut, the estimated
A. B.
C. Ui = tii
u, = 1':  0:  sx; u, = (0: + (3Xi +

0:  ex; (0:  a)  (~  (3)Xi•
tid 
2
D. Ui = Yi  Y;.
E. All of the above.
E
4. Consider the following equations: 1. yt=a+,BXt+Ut. 2. yt = 0: + ~Xt 3. ~
=
Q;
+ f3Xt.
+ Ut.
Which of the above equations are correctly specified? A. B. C. D. E. A 5. Consider the following equations: 1. yt = 0: + ~Xt = Q; + ,BXt 3. ~ = 0: + sx, Equation (1) only. Equations (2) and (3) only. Equations (1) and (2) only. Equation (2) only. Equation (3) only.
2.
Yt
+ Ut. + Ut· + ·Ut.
Which of the above equations are correctly specified? A. B. C. D. E. A 6. Applying the method of ordinary least squares (OLS) to the model, + ,BXt + tit, yields the two normal equations: Equations (1) Equations (2) Equations (3) Equations (1) Equations (2) only. only. only. and (2) only. and (3) only.
yt = Q;
3
B. 2:(XtYt) = ~2: Yt
C.
+ 0: 2: X;;
(l/n) 2: Yt = 0: + ~(1/n) 2: x;
2:(XtYt) = ~ 2: x, + 0: 2: X;; (l/n) 2: x, = 0: + /3(l/n) 2: Yt.
D. 2:(XtYt) = 6: 2: x, + /32: Xl; (l/n) 2: Yt = /3 + o:(l/n) 2: x;
E. None of the above. A 7. Applying the method of ordinary least squares (OLS) to the model, 0: and ~:
Yt = a + (3Xt + Ut, yields the sample estimates
A. 0:
= Y  /3x; /3 = {n 2: XtYt  2:Xt2: Yt}/{n2:Y?
 (2: Yt)2}.
 (2: Yt)2}. (2:Xt?}.
B. 6: = X  /3Y; ~ = {n 2: XtYt  2:Xt2:Yt}/{n2:X;
C. 6:
= X  /3'1;
/3 = {n2:XtYt /3 = {n2:XtYt
 2:Xt 2: Yt}/{n2:  2:Xt2:Yt}/{n2:X;
y? 
D. 0: = '1  /3X;
 (2:Xd2}.
E. None of the above. D 8. The ordinary least squares (OLS) procedure of estimating the regression coefficients of a linear regression model yields estimators which are: A. . B. C. D. E. Unbiased, consistent and autoregressive . Biased, inconsistent and most efficient. Unbiased, consistent and with maximum variance. Unbiased, consistent and heteroscedastic. None of the above.
E
9. Which of the following statements is correct? many time
A. With time series data, one often finds high R2 because series have underlying trends that are highly correlated.
4
D.Xt) . L(Yt  y)2 = I:(Yt  y)2 X)2 + I: it. The coefficient of multiple determination (R2) is one measure of the adequacy of a model. R = 1. L(Yt . 5 . C 12. B. All of the above.y)2 = I:(Xt E. B. intuition. and the past experience of the investigator. Yt = 0: + j3Xt + ut: Yt = Yt + (Yt  Yt). D.' + I: itF. In the simple linear regression model. It is more important to judge a model by whether the signs of the regression coefficients agree with economic theory. The general advice is not to rely too much on the value of R2.LUt/L(Xt .B. C. E. the overall goodness of fit is measured by: A.y)2 + L itt.~Xt). L(Xt  Yt = 0: + (3Xt + Ut: X)2 = I:(Xt  X)2 + I: u. D. E.Y) = L(ft . E 11.0: . Yt = 0: + ~Xt + (Yt . A. Only (A) and (C) of the above. 2 ~2 2 B. C. Only (A) and (B) of the above. In the simple linear regression model. None of the above..Yt)2. In the simple linear regression model. A. I:(Yt . E 10. R2 = 1 . R2 = ESS/TSS.. C.I: it. I:(Yt .
(3) C. The OLS procedure always yields Best Linear Unbiased Estimates (BLUE). (2) and (2) only. the summations are all for the sample data. C. and (4) only. E(1'. . + E(Y . and (3) only. EUt = O. 6 . Y) = (~  Y) + (Yt . All of the above. EUt = O. not the population. None of the above.ft). C 15.Ye)2. (1) B. A. Suppose the model: Yt = a + f3Xt + tit. All of the above. D. B.y)2 = E(~ . 2. E. (1'. to omit the constant term from the regression equation. Which of the equations are correct as stated? 1.c. E. 3. D. It is wise. EXtUt = O. A high variation in the independent variable and a large sample size are desirable because they improve the precision with which the parameters are estimated. and (4) only.y)2 E. E 13. By the unbiasedness property. in general. 4. (1) D. Which of the following statements are correct: A. E(&) = f3 and E(jj) = a. A 14. EXtUt = O. In the four equations given below.
A. Consider the alternative A. B. You are given the following information about the data for a simple regression model: L(Xt  X)(Yt . Assume that the model is Yt = a estimator {3 = (l'2 . D.10). Consider the alternative estimator {3 = y / X. D. {3 is an efficient estimator. L(Xt  X)2 = 1305. E. to regress X against Y instead. that is.Xd· + {3Xt + Ut. causality. Assume that the model is Yt = a + . {3 is an efficient estimator of {3. B. (A) and (C) only. {3 is an inconsistent estimator of {3. E 17. {3 is best linear unbiased estimator (BLUE). X causes Y.Yd/(X2 . Questions 1820. E. C. All of the above. L(Yt _ y)2 =7 L x. C. E. the ratio of the sample means.f3Xt + Ut. L Yt = 405. C. P.Y) = 655. 123. Q 3. n = 8. {3 is an unbiased estimator of {3. ways. B. 18. A (Book. E 16. (A) and (B) only. = 475. We implicitly assume that The causation can go both R2 can be used to identify It would make more sense (A) and (B) only. None of the above. What is the least squares estimate of the slope of the simple regression model? 7 . A. D. E({3) i.(3).. {3 is a biased estimator (Le.
B. D.853. E.455).275. The fitted regression line passes through the point of the mean (X.258. above.80.87654. = 182.15.21. A. C.I0. (29. None of the above. 60. E. D (59. R2 = 0.375. None of the above.702. B.A.82. C.355).90128.895.469.0. None of the. B.63 and Lit. A 21. E 19.0. (39. (49. C. E. None of 50. R2 = 0.375.0. R2 = 0. of the simple re L(Yt _ y)2 = R2 = 0. What is the least squares estimate of the intercept gression model? A.620).34567.8. Y): A. D. B. 50. D.625).0. E 20. E. 8 .85. Suppose that a simple linear regression has quantities 631. 70. D. the above.7105l.5.12. C.
E 25. s~ = 5. Yt = {3 + Ut.00000634.345. D. 9 .758. 23. Var{S) = 0. C. R2 = 0.. E variance of 6: is: V ar( &) Var(&) Var{&) Var(6:) = 0.0" = 0.336. = 0. The estimated A. D. . Suppose that a simple linear regression has quantities TSS = 552. E. s~ = 3.  X) 2 = 43. C.4104.0583. = 0.00000785. 24. None of the above. about the = 1. B.824.5104.00009876. D. E. Var(S) = 0.36 and n = 20. = 0. The variance of the residuals is A.655.4167.. Var(S) = 0.7911. The estimated A. C. You are given the following information data for a simple regression model: " 2 L.496.. None of the above. B.7145. variance of Sis: Var(S) = 0.22.00000455. s~ = 6. None of the above. B. s~ = 7..456.(Xt L. Applying the method yields: of ordinary least squares (OLS) to the model. X = 422. n ~2 = 10. A Questions 2324. E. X.
067Yt (1) (151.011 ) R2 = 0.538 (2) 26. with standard errors in parentheses: c. s.6 is marginal propensity to save out of extra income. S=X. L Yt. B.A. This 10 .6 is the . C. one would expect Q to be negative. both in actual dollars. Thus. households will still have expenses and hence one would expect average saving to be negative. is correct? . given by S. E 27. = 384. When income Yt is zero. (lin) L: Yt. B. But the intercept term is not negative.105)(0. (income minus consumption) and personal income per capita Yt. The observed marginal propensity to consume (the slope coefficient) has the expected sign. E. D. The observed marginal propensity to save (the slope coefficient) has the expected sign. Consider the relation between percapita savings S. Using annual data from the United States for 36 years. the estimated model was the following. D. Which of the following statements A. D Use the following information to answer questions (26)(27). S = (lin) L:Xt.105 + 0.6Yt + Ut. (A) and (C) only. & S = (lin) = E. the marginal propensity to consume out of extra income. None of the above. = Q + .
U .433Tuition (3) (12. As one would suspect. We have a "good fit. D Use the following information to answer question (28).03)(0. Model misspecification. E. Omitted variables (such as family size) which might have influenced the estimated intercept term.8. (A) and (C) only. D. both in 11 .101 + 1. the gain in salary after the degree compared to the salary before the degree also varies substantially.562) R2 = 0.186 (4) Gain is the gain in salary and Tuition is the annual tuition. B. business schools that train MBAs vary a great deal in the tuition they charge. The preceding data imply that A. the following estimated model was obtained using data from 25 business schools highly rated by Business Week.might be due to: A. To examine whether a relationship exists between the two. We have significant coefficients. thousands of dollars. The linear specification of the model which may not be right in this case. C. All of the above. 28. The values in parentheses are the corresponding standard errors." B. 11.
Which of the following statements is correct? A. D. E. The estimate Sis: A. 12  . x. 29. I:Yt = 1. The wrong model results in a poor "fit". Consider the simple linear regression model yt = a + {3Xt + Ut. In a twovariable regression model. D Use the following information to answer questions (30)(31). I: = 315. The estimated coefficient S in the wrong model is biased.O. x. I: Yt = 204. Xl 30.400. E. whereas you estimated the model yt = a + {3Xt + Ut. the true model is Yt = {3Xt + Ut.200.110. I:Y? = 133. The estimated coefficient S in the wrong model is efficient C.C. C Use the following information to answer question (29). B. Hypothesis tests on the wrong model are invalid.680.2335. I: = 1. All of the above. The estimated coefficient S in the wrong model is consistent. D. In other words.300. suppose you unecessarily included a constant term. You are given the following data based on 10 pairs of observations on Y and X. We can get a better "fit" if we include additional variables. (A) and (B) only.
B.4438. C.29. The estimate & is: A. 13 .22. None of the above. C. D.15.0.0. an estimate of the error variance is A. 21. None of the above. = 25.18. E.22. B 31. In this case. E Use the following information to answer questions (32)(34).2576. B.3010 E. None of the above. C.9048.17.6522.20. Suppose ESS = 880. B.24.5344.36.4562.38. n 32. D.0. k = 4. D.25. E.
E 34.E 33. B. E. = 20. = 68. None of the above. All of the above E. Which of the folowing statements is correct? A. B. A Use the following information to answer questions (36){~. '3~ 14 . = 61. What is the value of the schwarz information criterion (SIC)? A. signifi D. E. AIC AIC AIC AIC = 41.9789. = 76. None of the above.5521.5733. D. The adjusted Jl2 and the unadjusted R2 are identical (R2 = R2) only when the unadjusted R2 is equal to one. SIC SIC SIC SIC = 50. What is the value of the Akaike information criterion (AIC)? A.2712. B.5575.6525.5548. C. we mean that it is statistically different from 1. = 55. D. E 35. When we say that an estimated coefficient is statistically cant. C.5536. = 47. None of the above.
0. None of the above.78. 36. D.87.108.117.042.965. C. D.95.A threevariable regression was estimated using a sample of 15 observations. D. B. . B. It gave the following results: TBS = 66.82. E.0.91. C.0.0. A. B. None of the above.0. E 38. E. E 37. What is the value of the EBB.85. What is the value of A. A. What is the value of R2.97.0. RBB = 65. C.89.0.87.0.90. 15 H2.
E The following information concerns questions 39.y 1 3 8 X2 1 2 3 Table 1: X3 2 1 3 E. 1& . None of the above.
0  1.52+3X1 What is the predicted value of Y if Xl = 20 and X2 = 7. 10.0 + 5. None of the above. B.72.0 + 4. E MULTIPLE REGRESSION MODELS The following situation concerns question 41.48. B. Based on Table 1.3571Xt3• Yt = 6.39. Your estimated multiple regression equation is: Y = 7.88. D.88. 12. E NEW NEW 40. None of the above. Consider a threevariable (32Xt2 + (33Xt3 + et· regression model in deviation form: Yt = 12. E.5624Xt3• = 3. the estimated regression Yt = (31 + (32Xt3 + Ut is A. ~ D. Yt = 2. Yt = 8. C. A. +17.5063Xt3• C.0 + 2. +14.2X2' Applying the method of ordinary least squares (OLS) to the model yields the normal equations: 17 .5982Xt3• E.
B. B. All of the above. None of the above. E.E.325.325. D. 18 . A negative R2 indicates that the model does not describe the datagenerating process. The sum of squares decomposition TSS the model has a constant term. R2 will never be higher than R2. Although R2 cannot be negative. E. D 43. 6. B.ut2/(n . E The following situation concerns questions 4546. (A) and (D) only. R2 = 0. None of the above. D. A 42. Which of the following statements is correct? L. C. A. k A. When n = 26. D. The adjusted R2 is a better measure of goodness of fit.225. None of the above. = RSS + ESS is valid only if A. and R2 = = 0. E 44. An unbiased estimator of the variance of the error term Ut is s~ = C. E. R2 = 0. where SSR is the sum of squares of the residuals. R2 can be less than zero.k).125. C. R2 = 0. In the case of the multiple regression model. An unbiased estimator of the variance of the error term 'Ut is s~ = SSR/(n .k).1 : R2 = 0.
55. AIC = 141. The second normal equation reduces to the first.55. 19 . None of the above. AIC = 161. and 2: u. B.When k = 2. thus making it impossible to solve for the regression coefficients.55. None of the above.27. and is of the form Xn + Xt3 = 1. A. The two nornal equations of the model are: Yt = r3z L r32 L X~2 + ~3 L XnXt3 XtZXt3 + ~3 L Xt2 X~3 LYt = LYtX = Xt3 Xt2.57.97. = 90. f3zxn Consider a threevariable regression model in deviation form. SIC = 160. AIC = 112. E. E MULTICOLLINEARITY 47. SIC C. t3' Suppose that the relation between In this case.55. SIC B. A. n = 75. A 46. + f33Xt3 + et. = 110.65. AIC = 117.065: 45. A. E. C. = 10. SIC D. D. = 120.
OLS estimates are still unbiased. Which of the following statements is correct? A. it is not possible to assess the individual significance of one or more partial regression coefficients. B. indicating that each coefficient is capturing part of the effect of another variable. D. The effect of near multicollinearity is to increase the standard errors of the regression coefficients and lower their tstatistlcs. C. E. Which of the following statements is incorrect? A. In cases of high multicollinearity. All of the above. B. If several explanatory variables are nearly multicollinear. If a regression shows that a particular R2 is high. OLS estimators are best linear unbiased estimators (BLUE). Despite perfect multicolJinearity. (B) and (C) only. and BLUE. In cases of high multicollinearity. Which of the following statements is correct: A.D. it is not possible to assess the individual significance of one or more partial regression coefficients. All of the above. consistent. E. E. D 48. Despite perfect multicollinearity. E 49. A NEW NEW 50. C. Theory should be used to decide whether a variable should be kept in spite of. the covariance between any pair of the regression coefficients is high. In cases of imperfect multicollinearity OLS estimators are still BLUE. there is definite 20  . All of the above. C. If several variables are nearly multicollinear. OLS estimators are best linear unbiased estimators (BLUE). B. None of the above. D. seeming multicollinearity.
C. Reformulate the model. then A. High tvalues. B NEW NEW 51. C. 53. High correlation coefficients between the dependent the independent variables. This may res ult in B. D. C. Eliminate the dependent variable. A (Book. Consider the threevariable regression model Yt = /31 + /32Xt2 + /33Xt3 + Ut. The regression coefficient of each of them cannot be uniquely estimated. Suppose the relation between X2 and X3 is of the form X2 + X3 = 1.evidence of high multicollinearity. The regression coefficient of each of them is less significant. The regression coefficient of each of them is subject to multicollinearity problem. E. D. B. (A) and (B) only. All of the above. B. If a pair of independent variables is uncorrelated. Decrease the sample size. None of the above. B 52. E. D. (B) and (C) only. 225). None of the above. E. The regression coefficient of each of them is the same whether or not the other variable is included in the model. P. Which of the following are solutions to the problem of multicollinearity? A. variable and 21 .
3). All of the above. High multicollinearity affects the.D.1.3 f3 = 1. Which of the following statements is correct? A. D. Suppose that you have the following five observations X = (2. If there is multicollinearity among independent variables. All of the above. 55. Use the following information to answer questions (55)(60).9 . C. 1.7.0. None of the above.5 .1. E 54. E. co R B None of the above. all the insignificant regression coefficients should be dropped from the model because they are redundant.0.2) and Y = (0. standard errors of estimated efficients and therefore estimates are not BLUE. D. C.1. B. B. . then a variable that appears significant may not indeed be so.B = 0. Which of the following is correct? A. Because multicollinearity lowers tstatistics. 22 .B = 0.B = 0.
3 B. D. SSR=2. SSR= 3. R2 = 0. Which of the following is correct? A. s = 0. c 58.5. Sf> = 0. fl2 = 0.5 C. D 56. None of the above. B. 1[2 = 0. Which of the following is correct? A. E. B. D.305.720.386. E.655.5 D. SSR=0. SSR = 1.954. None of the above. 23 .405. C. None of the above. fl2 = 0. Which of the following is correct? A. E 57.E. s = 0.756. C.505. s = 0.
Sa = 0. = 0. Cov(&/3) = OA08 C. Cov(&/3) = 0. None of the above. Which of the following is correct? A.505. E . B. Cov( &/3) = 0. C. Sa Sa D. None of the above. E. = 0. A 60. Which of the following is correct? A. E 59. Sri E. D. = 0.609. B.654. None of the above.E.470.035. Cov(&/3) = 0.270.322.
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