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Question
In December 2009, currency was $400 billion, traveler's checks were $5 billion; checkable deposits owned by individuals and businesses were $600 billion, saving deposits were $2,00 billion, time deposits were $1,500 billion; and money market funds were $1,200 billion. What was the M1 in December 2009?A) M1 = $405 billion
B) M1 = $1,005 billion
C) M1 = $3,005 billion
D) M1 = $3500 billion
E) M1 = $3505 billion
Answer
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