Advocates of the theory of rational expectations believe that a. the sacrifice ratio can be much smaller
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Advocates of the theory of rational expectations believe that
a. the sacrifice ratio can be much smaller if policymakers make a credible commitment to low inflation.
b. if disinflation catches people by surprise, it will have minimal impact on unemployment.
c. wage and price setters never expect the central bank to follow through on its announcements.
d. expected inflation depends on the rates of inflation that people have recently observed.
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