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From 1 9 7 0 to 2 0 1 0 , as a fraction of GDP , the quantity of money that people and businesses

From 1970 to 2010, as a fraction of GDP, the quantity of money that people and businesses have held has been
decreasing.
increasing.
fluctuating erratically.
independent of people's use of credit cards.
changing only as the interest rate changed.

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