2. Determine the size of the M1 money supply using the following information.
a) Currency $700 billion
b) Money market mutual funds $2,000 billion
c) Demand deposits $300 billion
d) Other checkable deposits $300 billion
e) Traveler’s checks $10 billion
5. The following information is available to you: traveler’s checks = $1 million; coin and paper currency = 30 million; repurchase agreements and Eurodollars = $15 million; demand deposits = $25 million; retail money market mutual funds = $60 million; savings accounts at depository institutions = $40 million; checkable deposits at depository institution = $35 million; large-denomination time deposits = $50 million; institutional money market mutual funds = $65 million; and small-denomination time deposits = #45 million. Using Fed definitions, determine the dollar size of the
a) M1 money supply
b) M2 money supply
c) M3 money supply
7. Assume that the real output (RO) for a country is expected to be 2.4 million products.
a) If the price level (PL) is $250 per product, what will be the amount of the gross national product (GDP)?
b) Now assume that the GDP is projected to be $8 million next year. What will the PL of the products need to be to reach the GDP target?
c) Now assume that the RO of 2.4 million products is composed of equal amounts of two types of products. The first product sells for $100 each, and the second product sells for $500 each. What will be the size of the GDP?
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