The foreign exchange market
A) is a government-run market where foreign currencies are traded.
B) is a bank-owned market through which people buy and sell currencies.
C) refers to the entire array of institutions through which people buy and sell currencies.
D) an open market run by the Federal Reserve through which banks buy and sell currencies.
Ans: C) refers to the entire array of institutions through which people buy and sell currencies.
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A change in the slope of an isocost line is due to a change in
A) the price of one or both inputs. B) quantity of output. C) total cost. D) the output price.
According to the text, economics offers the business person
A) a substitute for the accounting department. B) a substitute for the marketing department. C) a way to forecast demand. D) an approach to thinking. E) a replacement for the personnel department.