1. Assume that the following asset values (in millions of dollars)

exist in Ironmania: Federal Reserve Notes in circulation = $700;

Money market mutual funds (MMMFs) held by individuals =

$400; Corporate bonds = $300; Iron ore deposits = $50; Currency in commercial banks = $100; Savings deposits, including money market deposit accounts (MMDAs) = $140; Checkable deposits =

$1,500; Small-denominated (less than $100,000) time deposits =

$100; Coins in circulation = $40. LO34.1

a. What is M1 in Ironmania?

b. What is M2 in Ironmania?