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Final answer:
Oil prices impact inflation and unemployment in an economy.
Explanation:
Changes in oil prices can have significant effects on inflation and unemployment in an economy. When oil prices rise, production costs increase, leading to a decrease in supply and a rise in prices, causing an increase in inflation and potentially higher unemployment rates. Conversely, when oil prices fall, production costs decrease, leading to lower prices, potentially reducing inflation and improving unemployment rates due to increased demand.
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