Under the Gold Standard of Currency Exchange That Existed from 1879

question 44

Multiple Choice

Under the gold standard of currency exchange that existed from 1879 to 1914, an ounce of gold cost $20.67 in U.S. dollars and £4.2474 in British pounds. Therefore, the exchange rate of pounds per dollar under this fixed exchange regime was:

• A) £4.8665/$.
• B) £0.2055/$.
• C) always changing because the price of gold was always changing.
• D) unknown because there is not enough information to answer this question.

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Definitions:

Progressive-Era

A transformative time in American history marked by efforts to address problems caused by industrialization, urbanization, and corruption.

Dependency

A condition or state in which one entity relies on another for support, sustenance, or subsistence, often leading to a lack of autonomy or self-sufficiency.

Victimhood

The condition of being a victim, often used in discussing how individuals or groups perceive or represent themselves as wronged or oppressed.

Inequality

The unequal distribution or availability of resources and opportunities among members of a society.