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You are at the Tropic of Capricorn. You are sailing to the Arctic Circle. How many degrees latitude will you need to sail?
Sophisticated Version
An advanced or complex form of something, often referring to technology, systems, or methodologies.
Rational Expectationists
Economic theorists who believe individuals make predictions based on available information and in a way that errors cancel out over time.
Recessionary Gaps
A situation in macroeconomics where the real GDP is lower than the potential GDP, indicating underutilized resources and less-than-full employment in the economy.
Inflationary Gaps
Situations where the demand for goods and services exceeds the production capacity of the economy, leading to an upsurge in price levels.
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