Explain the challenges in the model specification process:
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Q12: In a case where there is multicollinearity
Q13: What should we do when we have
Q14: If we add more independent variables into
Q15: Including irrelevant independent variables into the model:
A)
Q16: Which of the following is not a
Q17: Which of the following are associated with
Q18: Explain what multicollinearity is, and describe two
Q19: Explain goodness of fit and talk about
Q21: Explain the omitted variable bias problem, and
Q22: Explain and contrast the consequences of having
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