. True/False/Uncertain - Briefly explain

1. Omitted variable bias (OVB) occurs if the excluded variable is correlated with any of the included variables.
2. The problem with over-fitting is imprecision.
3. With 10 Xs, in the first step of both the forward and backward automatic search procedure, there are 10 regressions.
4. If the confidence interval (CI) for the beta coefficient is (0.98, 1.17), one should fail to reject the null hypothesisH0:e= 1.
5. A problem with the Linear Probability Model (LPM) is that/[0,1].