Assume that the following asset values (in millions of dollars) exist in Ironmania:
Federal Reserve Notes in circulation = $700;
Money market mutual funds (MMMFs) held by individuals = $400;
Corporate bonds = $300;
Iron ore deposits = $50;
Currency in commercial banks = $100;
Savings deposits, including money market deposit accounts (MMDAs) = $140;
Checkable deposits = $1,500;
Small-denominated (less than $100,000) time deposits = $100;
Coins in circulation = $40.
a) What is M1 in Ironmania?
b) What is M2 in Ironmania?