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Describe three arguments of why some economists object to the predictions of the rational expectations theory and do not subscribe to the conclusions of this approach.
Life Expectancy
The average period that an individual is expected to live, based on statistical averages of age, national health standards, and other factors.
Age-Sex Pyramid
A demographic tool that represents the distribution of a population by age and sex, typically used to illustrate population growth, composition, and potential future changes.
Total Fertility Rate
The average number of children a woman is expected to have during her lifetime, given current birth rates.
Industrialization
The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, characterized by technological innovation and the development of complex industrial systems.
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