Question: One approach to correcting for omitted variable bias in the returns to schooling is instrumental variables. What would we need to be able to implement

One approach to correcting for omitted variable bias in the returns to schooling is instrumental variables. What would we need to be able to implement this method? Group of answer choices A variable that is correlated with the omitted variables but not with schooling A variable that is not correlated with either schooling or omitted variables. A variable that is correlated with schooling but not the omitted variables A variable that is correlated with both schooling and the omitted variables

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