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.