Switching ammo for bows in Terraria

Aside from the boring wooden arrows there are several more powerful arrows that one can use. But I can't find any option to choose which kind of arrow I want to shoot.

How can I switch between different kinds of ammunition? Is having only one kind of arrow in the inventory the only way to make sure this kind is used?

Solution 1:

As of Terraria 1.6, there are four dedicated Ammo slots in your inventory. Applicable ammunition in these slots is consumed first, from the top slot to the bottom slot.

After that, and in previous versions of Terraria without the Ammo slots, it uses the first type in your inventory starting at the top-left and working right. So the highest arrow is used, and when tied for height, the furthest left is used.

This also applies to other ammunition.