Which of the following assumptions is needed for the plug-in solution to the omitted variables problem to provide consistent estimators?
A. The error term in the regression model exhibits heteroskedasticity.
B. The error term in the regression model is uncorrelated with all the independent variables.
C. The proxy variable is uncorrelated with the dependent variable.
D. The proxy variable has zero conditional mean.
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Which of the following is true of Regression Specification Error Test (RESET)?
A. It tests if the functional form of a regression model is misspecified.
B. It detects the presence of dummy variables in a regression model.
C. It helps in the detection of heteroskedasticity when the functional form of the model is correctly specified.
D. It helps in the detection of multicollinearity among the independent variables in a regression model.
Which of the following is a drawback of including proxy variables in a regression model?
A. It leads to misspecification analysis.
B. It reduces the error variance.
C. It increases the error variance.
D. It exacerbates multicollinearity.
A measurement error occurs in a regression model when _____.
A. the observed value of a variable used in the model differs from its actual value
B. the dependent variable is binary
C. the partial effect of an independent variable depends on unobserved factors
D. the model includes more than two independent variables
The classical errors-in-variables (CEV) assumption is that _____.
A. the error term in a regression model is correlated with all observed explanatory variables
B. the error term in a regression model is uncorrelated with all observed explanatory variables
C. the measurement error is correlated with the unobserved explanatory variable
D. the measurement error is uncorrelated with the unobserved explanatory variable
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