2. Money Supply Recall that money supply aggregate, M1, is defined as M1 = Currency + Deposits. All else being equal, how would each of the following affect the M1? Explain. a) The maximum number of checks per month that can be written on money-market funds is raised from six to thirty. (Hint: A money market mutual fund account is considered an investment, and it is not a savings or checking account, even though some money market funds allow you to write checks.) b) Home equity lines of credit that allow homeowners to write checks against the value of their homes are introduced. c) The stock market crashes, and further sharp declines in the market are widely feared. d) Banks introduce overdraft protection, under which funds are automatically transferred from money-market funds to checking as needed to cover checks. e) A crackdown reduces the illegal drug trade (which is carried out largely in currency)