1. An economy has a borrowed monetary base of $500 billion and a nonborrowed monetary base of $780 billion. The required reserve ratio is 10%. The total amount of currency in circulation is $1,350 billion. The total checkable deposits is $2,215 billion. The banking system holds a total of $400 billion in excess reserves.

What is the money multiplier? Round your answer to at least 3 decimal places.

2. An economy has a borrowed monetary base of $500 billion and a nonborrowed monetary base of $780 billion. The required reserve ratio is 10%. The total amount of currency in circulation is $1,350 billion. The total checkable deposits is $2,215 billion. The banking system holds a total of $400 billion in excess reserves.

What is the M1 money supply (in billion of $)? Round your answer to at least 2 decimal places. (E.g. $1,234,567,890 should be entered as 1.23)

3. The M1 money supply of an economy is $4,000 billion. The required reserve ratio is 10%. The amount of checkable deposits in the banking system is $1,850 billion. The banking system is holding $450 billion in excess reserves. The economy has a total of $860 billion in borrowed reserves and $670 billion in nonborrowed reserves.

What is the amount of currency in circulation (in billions of $)? Round your answer to at least 2 decimal places. (E.g. $1,234,567,890 should be entered as 1.23)