As the Only Currency That Could Be Converted into Gold

question 77

True/False

As the only currency that could be converted into gold, the British pound occupied a central place in the fixed exchange rate system up until 1973.

---

Definitions:

IPods

A line of portable media players designed and marketed by Apple Inc., notable for transforming the music and electronics industries.

ITunes

A media player, media library, Internet radio broadcaster, and mobile device management application developed by Apple Inc.

Inferior Goods

Products for which demand decreases as consumers' income increases, opposite of normal goods.

Quantity Demanded

The level of demand for a good or service that individuals can and are ready to buy at an established price.