The "Rules of the Game" Under the Gold Standard Can

question 19

Multiple Choice

The "rules of the game" under the gold standard can best be described as which of the following:

• A) selling domestic assets in a deficit and buying assets in a surplus.
• B) slowing down the automatic adjustments processes inherent in the gold standard.
• C) selling domestic assets in order to accumulate gold.
• D) selling foreign assets in a deficit and buying foreign assets in a surplus.
• E) selling domestic assets in a surplus.

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Definitions:

Marginal Utility

The additional satisfaction or utility gained from consuming one more unit of a good or service.

Total Utility

The total satisfaction received from consuming a certain amount of goods or services.

Marginal Utility

The change in satisfaction or benefit derived by consuming an additional unit of a good or service.

Utility

In the field of economics, the complete enjoyment or benefit derived from the consumption of a product or service.