Question a) There are two prominent processes in time series data namely, deterministic, and stochastic processes. Explain the main difference between the two. If necessary, provide the functional form that appropriately represents each one of them. [4 marks] b) The building block for most of the time series models is the white noise process, which is often used to describe the distribution of the errors in the model. i) Explain what we mean by the term white noise in time series terminology. [2 Marks] ii) Suppose we have a Gaussian white noise process denoted by & that are assumed to be independent and normally distributed, where, & ~ i.i.d N (0,02) Explain the three important implications of this assumption [4 Marks] iii) Mention or state the test statistic that is used to test whether the series is white noise [2 marks]