Under the Gold Standard, _____

question 94

Multiple Choice

Under the gold standard, _____

• A) the U.S. dollar could be redeemed at the U.S. Treasury for one-twentieth of an ounce of gold.
• B) the U.S. dollar could be redeemed at the U.S. Treasury for one-half of an ounce of gold.
• C) the British pound could be redeemed at the British Exchequer for one-fifth of an ounce of gold.
• D) the British pound could be redeemed at the British Exchequer for one-tenth of an ounce of gold.
• E) all international transactions were financed with gold.

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Definitions:

Privity

A doctrine in contract law that holds that contracts are private agreements between the parties who have mutually consented to them, and thus, only those parties have the rights and liabilities under the contract.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, leading to harm or damage.

Malpractice Claim

A malpractice claim is a lawsuit brought against a professional (commonly in healthcare) for negligence or failure to perform their duties to an acceptable standard, resulting in harm to a client or patient.

Professional Indemnity Insurance

A type of liability insurance that helps protect professionals from claims made by their clients for errors or omissions.