The nation of North Xi has a ________ currency that cannot be exchanged in a foreign exchange market
A) countertrade
B) nonconvertible
C) flexible
D) fixed
E) freely floating
B
Explanation: B) Most countries operate under a freely floating (or flexible) exchange rate system, a system in which the global supply and demand for currencies determine exchange rates. However, some countries do not allow their currency to be exchanged in this system. This currency is called nonconvertible.
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