JAMB Economics 2014 Objective — Question 46

Question 46 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.

A major determinant of a floating exchange rate is

A. the forces of demand and supplyCorrect
B. the highest denomination of the currency
C. an Act of the parliament
D. the system of government

Explanation

A floating exchange rate is one in which the exchange rate is not rigid or fixed but left to the forces of demand and supply.

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