3. Which of the following is not correct?a) a high R2 does not mean that the regression is correctb) a high R2 does not mean that there is no omitted variable biasc) one should always choose a regression with a higher R2.d) a high R2 does not necessarily mean that you have the most appropriate set ofregressors

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Asked Dec 4, 2019
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3. Which of the following is not correct?
a) a high R2 does not mean that the regression is correct
b) a high R2 does not mean that there is no omitted variable bias
c) one should always choose a regression with a higher R2.
d) a high R2 does not necessarily mean that you have the most appropriate set of
regressors
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3. Which of the following is not correct? a) a high R2 does not mean that the regression is correct b) a high R2 does not mean that there is no omitted variable bias c) one should always choose a regression with a higher R2. d) a high R2 does not necessarily mean that you have the most appropriate set of regressors

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The correct option is: (c) One should always choose a regression with a higher R2.

 

The R2 value tells the percentage of variation in the dependent variable that is explained by the independent variable.

The higher R2 value does not mean that ‘there are most appropriate...

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