Which of the following is included in the money supply M2?
(1) legal tender held by licensed banks
(2) demand deposits with licensed banks
(3) time deposits with restricted licence banks
(4) negotiable certificates of deposit issued by licensed banks held by the non-bank public
A. (2) and (3) only
B. (2) and (4) only
C. (1), (2) and (4) only
D. (1), (3) and (4) only