1. Assume that the following asset values (in millions of dollars) exist in Ironmania: Federal Reserve Notes in circulation  $700; Money market mutual funds

(MMMFs) held by individuals  $400; Corporate bonds  $300; Iron ore deposits  $50; Currency in commercial banks  $100; Savings deposits, including money market deposit accounts (MMDAs) 

$140; Checkable deposits  $1500; Smalldenominated

(less than $100,000) time deposits 

$100; Coins in circulation  $40. LO1

a. What isM 1 in Ironmania?

b. What is M2 in Ironmania?