As of 2002, the ________ became the official currency union of the European Monetary System ?
Correct answer: D. euro
- A. dollar
- B. mark
- C. franc
- D. euro
Explanation
The euro became the common currency for participating European Monetary Union countries in 1999 for accounting purposes and in 2002 as notes and coins. The mark and franc were national currencies replaced by the euro.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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