Central banks in LDCs generally have less effect on expenditure and output than in LDCs because of ?

I- an externally dependent banking system
II- a poorly developed securities market
III- a low percentage of demand deposits divided by the total money supply
IV- the relative insensitivity of investment and employment to monetary policies
A. I and II only
B. III and IV only
C. I, II and III only
D. I, II , III and IV