Solved

Under the Gold Standard System, 1 Ounce of Gold Was

Question 156

Multiple Choice

Under the gold standard system, 1 ounce of gold was worth $23 in the United States and worth 15.5 pounds in Great Britain. If the price of gold in Great Britain decreases by 10%, then:


A) the new exchange rate would show approximately 10% depreciation of the dollar.
B) $1 = 1.64 pounds.
C) 1 pound = $1.64.
D) the new exchange rate would show approximately 10% depreciation of the dollar, and 1 pound would be equal to $1.64.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents