(a) How did the misdiagnosis of the oil shock of 1973/74 affect policy choices and economic performance? (5 marks)

(b) Was the same mistake made following the 1979 oil shock? If possible provide some evidence to support your answer. (5 marks)

(c) Compare and contrast the two oil shocks diagnosis and policy responses to the policy responses to 2007-2009 financial crisis (10 marks)

(d) Compare and contrast the two oil shocks diagnosis and policy responses to the policy responses to the 2019/20 covid-induced crisis (10 marks).