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List the three functions of money. Explain what M1 consists of. Suppose Karen transfers $500 from her saving account to her basic checking account. How

  1. List the three functions of money.
  2. Explain what M1 consists of.
  3. Suppose Karen transfers $500 from her saving account to her basic checking account. How will this transaction affect M1 and M2?
  4. Answer the following questions using the 1st National Bank's balance sheet
    image text in transcribed
1st National Bank of Kennesaw Total Reserves $50,000 Deposits $400,000 Required Reserves ? Excess Reserves $10,000 Loans ? Net Worth ? Total $700,000 Total $700,000

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