The monetary base consists of

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BlackTom AI · Accepted Answer

The question asks about the composition of the monetary base. 
First, recall the monetary base (also called the base money) is a specific measure used in macroeconomics and monetary policy. It includes the most liquid forms of money created by the central bank. 
A key component is currency in circulation, which is the physical money held by the public outside of banks. 
A second component is reserves, meaning the deposits that commercial banks hold at the central bank plus any cash in the banks’ vaults. In standard definitions, reserves encompass both the required and excess reserves that banks keep at the central bank. 
Combining these two elements—currency in circulation and reserves—captures the total amount of monetary base the central bank has issued and is willing to inject into the economy through monetary policy actions. 
If options were present, an accurate choice would feature both currency in circulation and reserves as the constituents, rather than broader aggregates that exclude either component. 
In this case, the provided answer identifies currency in circulation and reserves as the correct elements, aligning with the conventional definition of the monetary base. 
There is no additional context here about alternative definitions or regional variations, so focus remains on the standard interpretation: base money equals currency in circulation plus reserves. 
Note that the question lacks the explicit list of answer choices, so a direct option-by-option critique cannot be performed beyond confirming the canonical components of the monetary base.

The monetary base consists of

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