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M2 includes M1 plus savings deposits, money market funds and:

ACertificates of deposit
BCredit card loan balances
CCorporate stock holdings
DCentral bank gold bars
Answer & Solution
Correct answer: A. Certificates of deposit
1. M2 is less liquid than M1. 2. Certificates of deposit are time deposits. 3. M1 is included inside M2. _Source: OpenStax Principles of Macroeconomics for AP Courses 2e, Chapter 13, Money and Banking (CC BY 4.0)._
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