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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

If you take Chapter 27, Problem 29P, If you take out of your piggy bank and deposit it in your checking account, how did M1 change? Did out of your piggy bank and deposit it in your checking account, how did M1 change? Did M2 change?

To determine

The changes in M1 and M2 after depositing amount in checking account from piggy bank are to be determined.

Explanation

Transferring money from piggy bank and depositing it into checking account does not change M1 and M2 money supplies. The money and the currency in the checking accounts i.e. demand deposits are termed as M1...

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