A Currency Is Said to Be Freely Convertible When

Multiple Choice

A currency is said to be freely convertible when:

A) the country's government allows both residents and nonresidents to purchase unlimited amounts of a foreign currency with it.
B) only nonresidents may convert it into a foreign currency without any limitations.
C) neither residents nor nonresidents are allowed to convert it into a foreign currency.
D) only residents may convert it internally into a foreign currency.