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Global oil prices expected to affect aggregate supply

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Reference no: EM133338574

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.

How is the rise in global oil prices expected to affect the aggregate supply of Country X? Assuming that other factors remain constant, what can be expected to happen to the country's equilibrium price level and income?

Reference no: EM133338574

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