Consider the following statement: "Whenever currency is deposited into a chartered bank, cash goes out of circulation and, as a result, the supply of money is reduced." Is this statement true or false? multiple choice False because the M1 money supply consists of currency outside of the banks and chequing account deposits of the public in the chartered bank. False because the deposit into a chartered bank increases M1. True because the M1 money supply consists of currency outside of the banks and chequing account deposits of the public in the chartered bank. True because the deposit into a chartered bank decreases M1