According to Tobin's separation property, portfolio choice can be separated into two independent tasks consisting of and . A. identifying the optimal risky portfolio; constructing a complete portfolio from T-bills and the optimal risky portfolio based on the investor's degree of risk aversion B. identifying the investor's degree of risk aversion; choosing securities from industry groups that are consistent with the investor's risk profile C. choosing which risky assets an investor prefers according to the investor's risk-aversion level; minimizing the CAL by lending at the risk-free rate D. identifying all investor imposed constraints; identifying the set of securities that conform to the investor's constraints and offer the best risk-return trade-offs

2. activities included (and not included) in the calculation ofgdp the gross domestic product (gdp) of the united states is defined as the all in a given period of time. based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the gdp of the united states in 2017. scenario 2017 gdp included excluded calculo, a u.s. electronics company, produces a calculator at a plant in indonesia on march 17, 2017. calculo imports the calculator into the united states on may 21, 2017. awake cafe, a u.s. coffee company, produces a latte at its location in minneapolis on january 9, 2017. it sells the latte to a customer immediately. fastlane, a japanese automobile company, produces a sedan at a plant in indiana on december 12, 2017. a family buys the sedan on december 24. you chop down a cherry tree on your property in california and make a dining room table in 2017. a similar table sells for $800 in a local furniture store. graincorp, a u.s. agricultural company, produces corn syrup at a plant in iowa on september 19, 2017. it sells the corn syrup to crunchy's for use in the production of cereal that will be made in the united states in 2017. (note: focus exclusively on whether production of the corn syrup increases gdp directly, and ignore the effect of production of the cereal on gdp.)