In the Case of Errors-In-Variables Bias

question 37

Multiple Choice

In the case of errors-in-variables bias,

• A)maximum likelihood estimation must be used.
• B)the OLS estimator is consistent if the variance in the unobservable variable is relatively large compared to variance in the measurement error.
• C)the OLS estimator is consistent, but no longer unbiased in small samples.
• D)binary variables should not be used as independent variables.

Recognize the legal implications of agreements lacking consideration, such as accord and satisfaction.

Identify exceptions to the general rules of consideration, including past consideration and moral consideration.

Understand the role of consideration in the enforceability of a contract, including its function in bargain-for exchanges.

Analyze the legal sufficiency of consideration in various contexts, including contracts involving goods, services, and forbearance.

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Definitions:

Freud

Sigmund Freud, an Austrian neurologist who founded the discipline of psychoanalysis.

MMPI

Minnesota Multiphasic Personality Inventory, a comprehensive standardized test used to assess and diagnose mental health disorders and personality structure.

Raven's Progressive Matrices

A nonverbal group test typically used to measure abstract reasoning and considered a good estimation of fluid intelligence.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, often studied in psychology to understand differences in behavior and mental processes.