Problem
Suppose that the domestic credit created by the nation's monetary authorities is $8 billion and the nation's international reserves are $2 billion, and that the legal reserve requirement for the nation's commercial banking system is 25 percent.
(a) How much is the monetary base of the nation?
(b) What is the value of the money multiplier?
(c) What is the value of the total supply of money of the nation?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.