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Cheap petrol

Read the article The problem with insanely low petrol prices and then answer the questions below. You can either read the article in the window below or you can follow the previous link to read the article in a separate window.


Question 1

Using diagrams, as appropriate, show how the fuel subsidy in Venezuela affects the market for petrol.

Question 2

Analyse the impact on economic efficiency of the Venezuelan fuel subsidy.

Question 3

Discuss the environmental impact of the Venezuelan fuel subsidy.