1. In the United States today, which of the items in List 1 are money?

2. In January 2016, currency held by individuals and businesses and traveler’s checks were $1,347 billion; checkable deposits owned by individuals and businesses were $1,764 billion; savings deposits were $8,189 billion; small time deposits were $400 billion; and money market funds and other deposits were $709 billion. Calculate M1 and M2 in January 2016.

3. In May 2016, M1 was $3,239 billion; M2 was $12,731 billion; checkable deposits owned by individuals and businesses were $1,861 billion; small time deposits were $393 billion; and money market funds and other deposits were $706 billion. Calculate currency held by individuals and businesses and traveler’s checks. Calculate savings deposits.

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LIST 1 Your Visa card The quarters inside vending machines • U.S. dollar bills in your wallet • The check that you have just written to pay for your rent The loan you took out last August to pay for your tuition