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True, false, or uncertain? Evaluate the following statements with explanations. (a) If the error terms are heteroscedastic, then the ordinary least squares (OLS) estima-

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True, false, or uncertain? Evaluate the following statements with explanations. (a) If the error terms are heteroscedastic, then the ordinary least squares (OLS) estima- tor is not consistent. (b) There are four binary variables for educational attainment and each observation falls into one and only one category. If all four binary variables are included as regressors, the regression will fail because of perfect multicollinearity even if the intercept is omitted. (c) The average scores for Taiwanese and Korean college students who took TOEIC (Test of English for International Communication) examination are 577 and 621, re- spectively. This suggests that the mean English ability of Taiwanese college students are inferior to that of Korean college students.

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