'I. When in the business cycle do we expect transactions demand for money to be rising? a. Throughout the upturn b. When the economy has just entered a recession c. When it becomes clear to investors that a recession will be severe and last a long time d. When it becomes clear to consumers that a recession will be severe and last a long time The table below shows Total Reserves, Required Reserves, and Non-Borrowed Reserves for the banking system. Calculate the Excess Reserves and Borrowed Reserves and use these to nd Non-Borrowed Excess Reserves. The answer choices for this question are for Non- Borrowed Excess Reserves. Total Reserves Required Non-Borrowed Calculate Calculate (millions) Reserves Reserves Excess Borrowed (millions) (millions) Reserves Reserves (millions) (mi II in ns) $209,512 $205,322 $209,470 a.$4232 b. $201090 C. $4148