A Currency Is Said to Be _____ When Only Nonresidents

question 124

Multiple Choice

A currency is said to be _____ when only nonresidents may convert it into a foreign currency without any limitations.

• A) externally convertible
• B) nonconvertible
• C) leading
• D) freely convertible
• E) lagging

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Definitions:

Ratification

The formal approval of an agreement or treaty by authoritative body, making it officially valid.

Writing

The process of using symbols, such as letters and characters, to communicate thoughts and ideas in a readable form.

Unlimited Liability

A legal status where business owners are personally responsible for all the debts and liabilities of the business.

Sole Proprietors

Individuals who own and operate their businesses alone, assuming complete control and responsibility for all financial aspects.