Welfare implications of a ban on oil imports

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Q1. When crude oil price controls were in place, Illustrate what would have been the welfare implications of a ban on oil imports?

Q2. Using the Keynesian Cross model diagram and equation, critically and briefly illustrate the short run and long run economic impact of Obama's stimulus package of $862 billion.

Q3. There are three types of goods: inferior, normal, and luxurious. Which of these types do Toyota cars belong to? Explain how will demand for Toyota cars change during recession in a country.

Reference no: EM139273

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