Suppose a small country has the following monies in circulation: Cash/currency: $1 million Demand deposits: $2 million
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Cash/currency: $1 million
Demand deposits: $2 million
Other checkable deposits: $2 million
Small-denomination time deposits: $4 million
Savings deposits: $5 million
Money market deposit accounts: $5 million
Calculate the value of M1 and M2 for this country.
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