Consider the following statements and state which is/are correct?

1) The sub-prime crisis which hit the U.S. economy was caused by sudden increase in oil prices.
2) The crisis is to default in home-loan repayment.
3) It led to failure of some U.S. banks.
4) Sub prime crisis caused crash in Indian Stock Market.

Choose your answer from given code.
Codes:

A) 1 only

B) 2 and 4 only

C) 2, 3 and 4 only

D) 1, 2, 3 and 4

This MCQ is part of the UP PSC Previous Year Questions (PYQs) series, focusing on UPPSC Prelims 2010 (GS Paper I)