Use Section 11.2.1 to answer the following questions about the oil price shocks of the 1970s:

(a) How did the misdiagnosis of the oil shock of 1973/74 affect policy choices and economic performance?

(b) Was the same mistake made following the 1979 oil shock? If possible provide some evidence to support your answer.

(c) Use the \(A D-B T-E R U\) diagram to illustrate the basis of the policy error.