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Explain the net effects of fiscal stimulus

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Reference no: EM133338590

SCENARIO: During the COVID-19 pandemic, Country X put in place fiscal support to cushion its citizens from adverse economic impacts arising from government-imposed restrictions and voluntary personal decisions. Research has found out that the fiscal stimulus boosted the consumption of goods with little impact on production.

Country X is also facing the economic impacts of both Ukraine-Russia conflict and high oil prices for its oil imports (a major input in production). Use the relevant economic theories and concepts in ECON 248 to answer the questions below

Use the AD-AS diagram (model) to show and explain the net effects of fiscal stimulus and increase in oil price on equilibrium price level and income in Country X.

Reference no: EM133338590

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