Answer the questions below from the data in table (all figures are in billions of dollars). Total currency issued by the Bank of Canada Total personal savings deposits Total demand deposits Deposits of government at the Bank of Canada Currency held by commercial banks Government bonds owned by the public Nonpersonal term deposits (certificates of deposit) $16 185 18 5 5 95 40 a. Total currency in circulation is $ | billion. b. How much larger is M1 than the total currency in circulation? M1 is larger than total currency by $ [ billion. c. How much larger is M2 than M1? M2 is larger than M1 by $[ billion. d. How much larger is M3 than M2? M3 is larger than M2 by $| billion.
Answer the questions below from the data in table (all figures are in billions of dollars). Total currency issued by the Bank of Canada Total personal savings deposits Total demand deposits Deposits of government at the Bank of Canada Currency held by commercial banks Government bonds owned by the public Nonpersonal term deposits (certificates of deposit) $16 185 18 5 5 95 40 a. Total currency in circulation is $ | billion. b. How much larger is M1 than the total currency in circulation? M1 is larger than total currency by $ [ billion. c. How much larger is M2 than M1? M2 is larger than M1 by $[ billion. d. How much larger is M3 than M2? M3 is larger than M2 by $| billion.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter11: The Monetary System
Section: Chapter Questions
Problem 5PA
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Transcribed Image Text:Answer the questions below from the data in table (all figures are in billions of dollars).
Total currency issued by the Bank of Canada
Total personal savings deposits
Total demand deposits
Deposits of government at the Bank of Canada
Currency held by commercial banks
Government bonds owned by the public
Nonpersonal term deposits (certificates of deposit)
$16
185
18
5
95
40
a. Total currency in circulation is $
billion.
b. How much larger is M1 than the total currency in circulation?
M1 is larger than total currency by $
| billion.
c. How much larger is M2 than M1?
M2 is larger than M1 by $
billion.
d. How much larger is M3 than M2?
M3 is larger than M2 by $
|billion.
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