Suppose people are holding $10 million of currency, total checkable deposits in the banking system are $20 million, no one has any travelers' checks and total savings accounts deposits in the banking system are $15 million. In this case:a. Mi is $30 million. b. Ml is $35 million. c. Mi is $25 million. d. Mi is $45 million.

a. M1 is $30 million.

Explanation:

M1 money supply is the most basic definition of money there is. It consists of actual cash and cash equivalents i.e. can be converted to cash relatively easily. Cash equivalents include checkable deposits and traveler's checks.

The M1 here is therefore:

= Currency + Total checkable deposits

= 10 + 20

= $30 million

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manifest functions are the recognized and intended consequences of any social pattern, while latent functions are those unrecognized and unintended consequences. to analyze the manifest functions of any social institution, we have to study its contribution to the continuation of a group, community, or society.