You Are Going on an Overseas Trip and You Want

question 146

Multiple Choice

You are going on an overseas trip and you want to have checks that are easily converted into local currency.You should purchase

• A)cashier's checks.
• B)certified checks.
• C)conditional checks.
• D)traveler's checks.
• E)guaranteed checks.

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Definitions:

GDP

A synonym for Gross Domestic Product, it is the monetary measure of all final goods and services produced within a country's borders in a specific time period.

Money Supply

The complete accumulation of assets measured in money terms within an economy at any specified moment, including coins, cash, and the deposits across checking and savings accounts.

Interest Rate

The cost of borrowing money, expressed as a percentage of the total amount loaned, or the profit earned on savings and investments.

Money Market Equilibrium

The state where the supply of and the demand for money balances, resulting in economic stability at a given interest rate.