Question: 1. DATA EXERCISE From the FRED's website, provide a graph showing the historical development of M1 and M2 to this day. (1) Define M1 and

1. DATA EXERCISE From the FRED's website, provide a graph showing the historical development of M1 and M2 to this day. (1) Define M1 and M2. (2) What is the growth rate of M1 and M2 during the recent Covid recession? How is the growth compared to that in the last recession caused by the global financial crisis? (3) Define velocity of money and show its historical development. Explain the most recent development in the velocity of money (either M1 or M2)

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