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World price of oil increased in price significantly

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Reference no: EM133311834

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.

Determine the effects of this change on Canada's:

a. GDP

b. Unemployment rate.

c. Long-run Supply of oil and gas

d. Short-run Demand for oil and gas

e. Inflation

Reference no: EM133311834

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