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Answer the questions below from the data in table (all figures are in billions of dollars).
| Total currency issued by the Bank of Canada | $25 |
| Total personal savings deposits | 195 |
| Total demand deposits | 27 |
| Deposits of government at the Bank of Canada | 3 |
| Currency held by commercial banks | 3 |
| Government bonds owned by the public | 104 |
| Nonpersonal term deposits (certificates of deposit) | 49 |
– Total currency in circulation is $ billion.
– How much larger is M1 than the total currency in circulation?
M1 is larger than total currency by $ billion.
– How much larger is M2 than M1?
M2 is larger than M1 by $ billion.
– How much larger is M3 than M2?
M3 is larger than M2 by $ billion
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