If the error term is correlated with any of the independent variables (that is, there is relevant
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Question:
If the error term is correlated with any of the independent variables (that is, there is relevant omitted variable correlated with and independent variable), the OLS estimators
are .
(a) biased and consistent.
(b) unbiased and inconsistent.
(c) biased and inconsistent. (d) unbiased and consistent.
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