The Vatican City Uses the Euro Although It Is Not

question 68

True/False

The Vatican City uses the euro although it is not a part of the European Union.

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Definitions:

Private Good

A product or service that is exclusively owned and consumed by the individual or entity that purchases it, characterized by rivalry and excludability in consumption.

Excludable

A good or service is considered excludable if it's possible to prevent non-paying consumers from accessing it.

Rival

In economic terms, a good or service that cannot be enjoyed or consumed by more than one person at the same time.

Artificially Scarce Good

A product or service whose supply is deliberately limited, often to maintain high prices or for other non-market reasons.