State with brief reasons whether the following statements are true or false: a. In the presence of
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a. In the presence of heteroscedasticity OLS estimators are biased as well as inefficient.
b. If heteroscedasticity is present, the conventional t and F tests are invalid.
c. In the presence of heteroscedasticity the usual OLS method always overestimates the standard errors of estimators.
d. If residuals estimated from an OLS regression exhibit a systematic pattern, it means heteroscedasticity is present in the data.
e. There is no general test of heteroscedasticity that is free of any assumption about which variable the error term is correlated with.
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