In March 2022, the Russian rouble depreciated significantly against the US dollar after Western countries imposed tough sanctions on Russia over its invasion of Ukraine wreaking havoc in international financial markets, while surging oil prices exacerbated concerns of stagflation in the global economy. Oil prices spiked to trade over $100 a barrel, while Brent crude futures touched their highest since June 2014, further denting global risk sentiment. Source: https://markets.businessinsider.com/commodities/oil-price 3.1 (10 marks) With the aid of well labelled diagram(s), give a critical assessment of the impact of oil supply shocks on the economy. 3.2 (10 marks) Supply constraints due to the increased tension between the West and Russia over Ukraine resulted in discussions between the US and the Organization of the Petroleum Exporting Countries (OPEC), an oil cartel, to ramp up their oil production. Such a move seeks to increase energy security mainly in the Euro area. You are required to give a detailed discussion on how OPEC influences the oil price movements globally and how that affects the economy of non-oil producing countries. QUESTION 4 [20 Marks] Substantial economic slumps come from falling aggregate demand - the sum of overall consumption, investment, and government spending within the economy. As a Keynesian economist, with the aid of diagrams and examples discuss the key policies (and or interventions) to stimulate the economy in the wake of a recession