Question: solve Suppose we estimate the following model log(wage) = By + 6, education + 6.experience + 63experience + The data set we use to generate

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Suppose we estimate the following model log(wage) = By + 6, education + 6.experience + 63experience\" + The data set we use to generate estimates only includes workers who have education levels greater than 12, even though the population includes workers with less education. Suppose we find the following estimates By = 0.3477 8, = 0.1239 8, = 0.0448 8, = 0.0008 Assuming no other issues with the model and the data, what is the effect of the non-random sample on our estimates for 3? O The estimate of By is biased, but the others are fine. None of the values for B will be statistically significant . O The estimates of all 8 are unbiased, but the standard errors will be larger than if a random sample is selected from the population. O All of the estimates for B are biased and the direction of the bias is unknown

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