The influence of dispersion on the interactions of hydrogen and carbon monoxide with Rh/V2O3 has been investigated (transmission electron microscopy and temperature-programmed desorption). The catalysts having a 0.2% Rh loading were more highly dispersed (8-12 Angstrom) than the catalysts with 1.0% Rh (35-40 Angstrom). Up to 523 K a higher selectivity towards ethanol than towards carbon dioxide is observed upon decreasing the metal dispersion. The metal particle size is being evaluated as a factor of importance for carbon monoxide dissociation.