ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The process of ____ money from one country to that of another country is necessary because not all countries use the same type of money.
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destroying
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reducing
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converting
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adding
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Explanation:
Detailed explanation-1: -Foreign exchange, also known as forex, is the conversion of one country’s currency into another. The value of any particular currency is determined by market forces related to trade, investment, tourism, and geopolitical risk.
Detailed explanation-2: -The foreign exchange market is the market that converts the currency of one country into that of another country. The exchange rate is the rate at which one currency is converted into another.
Detailed explanation-3: -A foreign draft is thus a handy tool that facilitates the transfer of funds that originate in one country, as one currency. into another currency, in another country, either on demand or at a predetermined rate.
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