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Which of the following is NOT a true statement regarding M1 money?

A

M1 includes no token money.

B

M1 consists of currency and checkable deposits.

C

M1 is counted in M2 and M3 money supply.

D

M1 is the definition of the U.S. money supply with the highest liquidity.

E

M1 is largely made up of federal reserve notes and checkable deposits.

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