Explain why Australia’s currency is suitable to use as a medium of exchange.

a) Explain why Australia’s currency is suitable to use as a medium of exchange.

b) An economy has the following financial data by the end of December 2018:

Type of Money S Billion
Currency in Circulation $98
Current deposits at banks $458
Other deposits at banks, building societies and credit unions $2230
Deposits at other financial institutions (NBFIs) $52

Calculate M1, M3 and broad money by the end of December 2018.

c) What role does the Reserve Bank of Australia (RBA) have in the economy?

 

In: Economics

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