Question

Money Account(in Billions): Currency=357
Checkable deposits=783
​Traveler's checks=8
​Small-denomination time deposits=875
Overnight repurchase agreements=120
Savings and Money market deposits=3,144
Money market funds=397
Vault cash=720
Credit card debt=335
Short term Treasury securities=375
The value of M1 $---.

Answer 1

The value of M1 is $2,455 billion.

Answer 2

How did you goot that answer?

Answer 3

To calculate the value of M1, we add the following components:

1. Checkable deposits: $783 billion.
2. Traveler's checks: $8 billion.
3. Small-denomination time deposits: $875 billion.
4. Currency: $357 billion.
5. M1 excludes overnight repurchase agreements, savings and money market deposits, money market funds, vault cash, credit card debt, and short-term Treasury securities.

Summing up these components:
783 + 8 + 875 + 357 = $2,023 billion.

Therefore, the value of M1 is $2,023 billion.

Answer 4

wrong answer.

Answer 5

Apologies for the incorrect response. Let me recalculate it correctly:

To determine the value of M1, we add the following components:

1. Currency: $357 billion.
2. Checkable deposits: $783 billion.
3. Traveler's checks: $8 billion.
4. Small-denomination time deposits: $875 billion.

Summing up these components:
357 + 783 + 8 + 875 = $2,023 billion.

Therefore, the value of M1 is $2,023 billion.