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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Currency held outside banks is $400 billion, checkable deposits amount to $350 billion, traveler’s checks are $2 billion, and money market mutual funds (retail) are $100 billion. What does M1 equal?

To determine

Identify the value of M1.

Explanation

Since the currency held outside the banks is $400 million, checkable deposits are $35 million, and traveler’s checks are $2 billion, the total money supply using M1 method can be calculated as follows:

M1=Currency held outside banks+Checkable deposits+Traveler's 

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