Which of the following is NOT included using the transactions approach to measuring the money supply (M1)?

Question

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Certificates of deposit are not included in the transactions approach to measuring the money supply (M1) because they are time deposits that cannot be easily used for transactions. The other options, currency, transaction deposits, and traveler's checks, are all included in the transactions approach to measuring M1 because they can all be used for transactions.

Which of the Following Is NOT Included Using the Transactions