Which of the following was a long-term consequence of the influx of gold and silver from the New World into Spain?
A. The Spanish government funded domestic social programs that substantially raised the standard of living of the peasant masses.
B. Rapid inflation led to an unfavorable balance of trade and the collapse of many businesses.
C. The ready availability of investment capital at low interest rates led to the expansion and modernization of Spanish industries.
D. The Spanish government became complacent and failed to defend the nation's interests against the aggressive Dutch and English.
Answer: B
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