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SOLVED: Examine whether the following statements are true or false:(1) Serial correlation in the errors u leads to biased estimates of the regression and their standard errors when the regression equation Y = a bx u is estimated by ordinary least squares.(2) The Durbin-Watson test for serial correlation is applicable only if the regression errors follow a first-order autoregressive process.(3) Ordinary Least Square technique when applied to economic time-series data usually yields unbiased b
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