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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