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QUESTION

which of the following is (are) a feature of Lucas's theory of the business cycle Involuntary unemployment Adaptive expectation Only announced

which of the following is (are) a feature of Lucas's theory of the business cycle

  1. Involuntary unemployment
  2. Adaptive expectation
  3. Only announced changes in monetary policy can have an effect on real output
  4. Only unexpected changes in inflation lead to changes in employment an doutput
  5. All of the above
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