Between August 1929 and March 1933,the money supply in the United States fell 28 percent.At that time the monetary base ______ and the currency-deposit and reserve-deposit ratios both ______.

Question

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The monetary base rose due to Federal Reserve actions to increase reserves, but the currency-deposit and reserve-deposit ratios both rose as people held more cash and banks held more reserves relative to deposits, contributing to the decline in the money supply.

Between August 1929 and March 1933,the Money Supply in the United