Which one of the following is likely to be the most inflationary in its effects?

Option (D) is correct because the creation of new money directly increases the total money supply in the economy, leading to a sharp rise in aggregate demand and price levels. Unlike borrowing from banks or the public (Options B and C), which merely redistributes existing liquidity within the system, printing new money adds fresh currency into circulation without an immediate increase in the supply of goods and services. The core concept tested is the impact of different methods of deficit financing on the money supply and inflation.