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18-03-2020
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Currency and checkable deposits are: a. Debts of the Federal Reserve Banks or of financial institutions b. Redeemable for gold and silver from the Federal Reserve System c. Of intrinsic value which determines the relative worth of money d. The major components of the M3 definition of the money supply Debts of the Federal Reserve Banks or of financial institutions

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23-03-2020

Answer: D

Explanation:

The major components of the M3 definition of the money supply Debts of the Federal Reserve Banks or of financial institutions.

M1 money supply comprises of coins and currency in circulation ie money currently in circulation and are not held by the U.S treasury. Also linked to currency are checkable deposits also called demand deposits.

M2 money supply is a more encompassing definition of money. As it includes all form of money in the M1 plus bank deposits and certificates of deposits. The M3 money supply is the combination of M1 and M2 plus large deposits in banks.

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