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1. In April and May of 2022, the world price of oil increased in price significantly. The province of Alberta is a significant oil producer.
1. In April and May of 2022, the world price of oil increased in price significantly. The province of Alberta is a significant oil producer. Discuss this development regarding the economic factors below. (10 Marks)
Determine the effects of this change on Canada's (All question parts worth 2 Marks):
a. GDP
b. Unemployment rate.
c. Long-run Supply of oil and gas
d. Short-run Demand for oil and gas
e. Inflation
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