Which One of the Following Is TRUE

Multiple Choice

Which one of the following is TRUE?

A) Transaction deposits are counted in M2 but are not included in M1.
B) Most of the U.S. currency in existence circulates outside U.S. borders.
C) Traveler's checks are not considered to be money because they are not valid unless signed.
D) Balances in money market deposit accounts are counted in M1 but are not included in M2.