5. What are some advantages of using checks as a means of payment? What are some shortcomings? 6. What are the assets included in M1? What separates them from the assets in M2? 7. Which is the larger monetary aggregate, M1 or M2? Why? 8. Does it matter what definition of money policymakers use as the true measure of money when making monetary policy decisions? Why? 9. Why does the Fed revise its earlier estimates of the monetary aggregate? 10. Are short-run movements in the money supply important? Explain. .