Question $12(0\mathrm{.}75$ points$)$

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With regard to external sources of financing for nonfinancial businesses in the United States, which of the following are accurate statements?

Question $12$ options:

Marketable securities account for a larger share of external business financing in the United States than in Germany and Japan.

Since $1970,$ most of the newly issued corporate bonds and commercial paper have been sold directly to American households.

Direct finance accounts for more than $50$ percent of the external financing of American businesses.

Smaller businesses almost always raise funds by issuing marketable securities$.$