The Gold Standard

question 79

Multiple Choice

The gold standard:

• A)has been in operation since the establishment of the Federal Reserve Board.
• B)has been in operation since shortly after World War I.
• C)has been in operation since the Bretton Woods agreement was signed.
• D)was in operation for about 35 years before World War I.
• E)was in operation from the date of the Bretton Woods agreement until the devaluation of the U.S.dollar in 1971.

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Definitions:

Dishonor

Failure to fulfill an obligation, especially the non-payment of a check or negotiable instrument when it is presented for payment.

Warranties

Legally binding promises made by a manufacturer or seller that a product or service meets certain quality and reliability standards or that certain repair or replacement conditions will be met.

Unaccepted Draft

A written order to pay a specified amount that has not been agreed to or signed by the party expected to pay.

Entitled To Enforce

A legal phrase indicating that a person or entity has the right to enforce a contract or legal instrument.