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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

  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):

  1. GDP

  1. Unemployment rate.

  1. Long-run Supply of oil and gas

  1. Short-run Demand for oil and gas

  1. Inflation

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