Q15: How do we demonstrate that we have done our best to eliminate potential omitted variable bias affecting our estimate? (2 Marks)

a)We make sure to calculate heteroskedasticity robust standard errors so that we can be confident that the results of the t-test of will be valid

b)We use the F-test to determine if our estimate is statistically significant

c)We show that our estimate does not change in a meaningful way when we add different sets of control variables to the model

d)We use a non-linear model specification because the true relationship is probably perfectly linear