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Jane currently has $5,700 in her savings account and $2,000 in her checking account at the local bank. Instructions: Use a positive number to
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The problem:

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Jane currently has $5,700 in her savings account and $2,000 in her checking account at the local bank.
Instructions: Use a positive number to represent an increase and a negative number to represent a decrease. a. Suppose she withdraws $350 in cash from her savings account. By what dollar amount does the country's
money supply (M1 and MZ) change as a result of Jane's actions? b. Now suppose instead that Jane withdraws $350 from her checking account and uses $190 of this money to pay
her federal income tax. After that. she uses $80 to buy a set of used golf clubs from her neighbor who deposits it
into his checking account. Finally, she deposits the remaining cash from the $350 withdrawal into her savings
account. By what dollar amount does the country's money supply change as a result of Jane's actions? Change in MI: $|:|
Change in M2: $|:|

Step-by-step answer

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