Question 2 1 pts You are studying the tradeoff between time spent sleeping and time spent working in a sample of individuals aged 23-65. Suppose the true model is: sleep Boẞ₁totwrk + ẞ₂age + u = where sleep and totwrk (total work) are measured in minutes per week and age is measured in years. But rather than estimating the true model, you omit age: sleep = ao aitotwrk + u Based on the two regressions you ran in Stata in the previous question, an OLS estimate of α1 will be biased in what direction? It will be upwardly biased It will be downwardly biased Insufficient information to determine the sign of the bias

Question 2 1 pts You are studying the tradeoff between time spent sleeping and time spent working in a sample of individuals aged 23-65. Suppose the true model is: sleep Boẞ₁totwrk + ẞ₂age + u = where sleep and totwrk (total work) are measured in minutes per week and age is measured in years. But rather than estimating the true model, you omit age: sleep = ao aitotwrk + u Based on the two regressions you ran in Stata in the previous question, an OLS estimate of α1 will be biased in what direction? It will be upwardly biased It will be downwardly biased Insufficient information to determine the sign of the bias

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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