Read the following sentence and choose the best alternative which should replace the italicized part of the sentence.
Economic theory fails to explain the extent to which savings from personal income has Shifted to short-term bonds, money-market funds, and other near-term investments by the instability in the futures market.
As savings are in plural form, 'have' should be used. Options A, B and C are eliminated. As the given statement is in passive voice, we use have been instead of have. Therefore, option E is grammatically correct.
The answer is option E.
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