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Question 4: Define rational expectations and explain the two rational expectation theories of the business cycle. (7 marks) Definition of rational expectation: (1 mark) Rational

Question 4: Define rational expectations and explain the two rational expectation theories of the business cycle. (7 marks)
Definition of rational expectation: (1 mark)
Rational expectations theories.
1. (3 marks)
2. (3 marks)

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