14. What is the lowest aggregate that includes money market accounts? m1 mo M3 m2

## Step 1<br />The problem is asking us to identify the lowest aggregate that includes money market accounts. The aggregates of money supply are categorized into different levels, namely M0, M1, M2, and M3. Each level represents a different level of liquidity and the types of accounts included.<br /><br />## Step 2<br />M0, also known as "narrow money," includes physical currency and demand deposits. This is the most liquid form of money, but it does not include money market accounts.<br /><br />## Step 3<br />M1 includes M0 plus other forms of money that are very liquid, such as checking accounts. This category also does not include money market accounts.<br /><br />## Step 4<br />M2 includes M1 plus short-term time deposits in banks and non-institutional money market funds. This category includes money market accounts.<br /><br />## Step 5<br />M3 includes M2 plus large time deposits, institutional money market funds, short-term repurchase agreements, along with other larger market securities. This category is the broadest and includes money market accounts.<br /><br />## Step 6<br />Given the above, the lowest aggregate that includes money market accounts is M2.