In a democracy, politicians may be shortsighted because they want to win reelection. Therefore, the political process can: I. add an inflationary bias to monetary policy II. add a deflationary bias to monetary policy III. generate a political business cycle in which expansionary policies are pursued to lower unemployment and interest rates just prior to an election A. II and III only B. I only C. III only D. I and III only E. I, II, and III .