What Did It Mean to Foreign Exchange or Trade When

question 48

Multiple Choice

What did it mean to foreign exchange or trade when the international financial system operated under the gold standard?  

• A) that the currencies of most countries were convertible to gold 
• B) that all international transactions were financed with gold 
• C) that the price of gold was determined by the supply and demand for foreign exchange 
• D) that the quantity of money demanded was always the same

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Definitions:

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