33. One of the causes of the large losses experienced by the Long-Term Capital Management hedge fund was A. Large speculation on the Japanese stock index B. Speculation on the price of copper C. Locational arbitrage on Shell Oil stock D. Basis arbitrage on natural gas futures E. None of the above 34. What was the role of the Russian government bond default during the Long-Term Capital Management saga? A. Default resulted in an increase of equities prices B. Default resulted in an increase of on-the-run bond prices C. Default induced Long-Term Capital Management to short gold D. Default caused a spike in oil prices E. None of the above 35. Why did nonrecourse mortgages play a large role in the 2008 financial crisis? A. Borrowers refrained from defaulting B. Borrowers issued more commercial paper C. Borrowers kept paying their mortgages when their houses went underwater D. Borrowers bought more houses E. None of the above 36. The Glass-Steagall Act of 1933 did what? A. Allowed Commercial banks to do investment banking B. Separated commercial from investment banking C. Established the National Recovery Act D. Both B and C E. None of the above