Please briefly describe what is meant by a gold exchange standard
What will be an ideal response?
Under a gold exchange standard, central banks' reserves consist of gold and currencies whose price in terms of gold are fixed, and each central bank fixes its exchange rate to a currency with a fixed gold price. The post-WWII currency system was supposed to be a gold exchange standard with the U.S. responsible for fixing the price of gold at $35 per ounce.
You might also like to view...
What three characteristics do all games have in common?
What will be an ideal response?
All of the following are true except
A. gross investment minus depreciation equals net investment. B. Karl Marx said that capital is produced by the capitalist. C. inventory investment is less stable than investment in plant and equipment. D. capital can be acquired by borrowing, working more or consuming less.
Once the supply curve for a product or service is drawn, it
a. remains stable over time. b. can shift either rightward or leftward. c. is possible to move along the curve, but the curve will not shift. d. tends to become steeper over time.
Countries that came together by treaty to form the General Agreement on Tariffs and Trade (GATT) agreed to treat all members equally with respect to trade, impose high tariffs on non-GATT countries, and impose low import quotas on non-GATT countries
Indicate whether the statement is true or false