Answered: (1) What are the two main reasons for…

(1) What are the two main reasons for inconsistent OLS standard errors (described in the textbook)? Describe these two problems are and how to fix each of them.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1) What are the two main reasons for inconsistent OLS standard errors (described in the textbook)?
Describe these two problems are and how to fix each of them.
(2.a) What are the two threats to external validity (described in the textbook)?
(2.b) Suppose we just studied the effect of schooling on incomes using data from the USA. Explain why it
may be challenging to generalize the study results to India.
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