consider the following true process. However the regression relationship is estemited as. Will the estimate B1 be biased if the true value of Bo does not = 0?

2. Question 2: What is an omitted variable bias? What are the main consequences of omitted variable biases? Consider the following true process, 1% = :60 + lX + E- (0.1) However, the following regression relationship is estimated: g; 2 ingi- (0.2) Will the estimate of 31 be biased if the true value of g % 0? Explain