Examlex
Which of the following nations comes closest to having a political system that is "totalitarian"?
Annual Output
The total value of goods and services produced by an economy or a firm in one year.
Rational Expectations
The economic theory suggesting individuals make decisions based on their logical expectations for the future, effectively using all available information to predict future events accurately.
Long-Run Phillips Curve
A concept suggesting that in the long term, there is no trade-off between inflation and unemployment, implying that inflation does not affect the natural rate of unemployment.
Short-Run Phillips Curve
The Short-Run Phillips Curve depicts an inverse relationship between unemployment and inflation in the short term, indicating that lower unemployment can come with higher inflation.
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