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2.3.2 Short-run AS

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Question 1

Global Brent crude oil prices rose from a pandemic-induced low of under 20abarrelin2020toreachapeakofover 20 a barrel in 2020 to reach a peak of over \,20abarrelin2020toreachapeakofover120 a barrel in 2022.

Evaluate the likely macroeconomic consequences of a significant rise in global oil prices.

AD-AS Diagram showing leftward shift in SRAS

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2.3.2 Short-run AS Questions

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  2. /Economics
  3. /2.3.2 Short-run AS