The federal government decides to pay for the transition to private social security accounts with a one-time $1 trillion bond issue. What will be the biggest concern to businesses relative to the "crowding out" effect? inflation resulting from more government purchases higher interest rates due to the new government borrowing a negative supply shock shortage of investment due to new accounts Which of the following affects a firm's sensitivity of its earnings to the business cycle? I. Financial leverage II. Operating leverage III. Type of product I, II, and III II only I and III only I and II only Which of the following valuation measures is often used to compare firms that have no earnings? price-to-cash-flow ratio P/E ratio price-to-sales ratio price-to-book ratio