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Sam has $500 in traveler's checks. He cashes a $100 traveler check, deposits $150 into his checking ...

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Sam has $500 in traveler's checks. He cashes a $100 traveler check, deposits $150 into his checking ...

Sam has $500 in traveler's checks. He cashes a $100 traveler check, deposits $150 into his checking account at a Savings and Loan Association, and deposits the remaining $250 into a savings account at a credit union. Immediately, ________.
A) M1 decreases by $250 and M2 does not change
B) M1 decreases by $400 and M2 increases by $250
C) M1 does not change and M2 increases by $250
D) M1 and M2 do not change

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Macroeconomics

Edition: 12^th

Author: Parkin

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