A System in Which the Exchange Rate for Converting One

question 89

Short Answer

A system in which the exchange rate for converting one currency into another is fixed by international agreement is called a(n) ________.

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Definitions:

Exports

Goods or services sold by one country to other countries on the international market.

Gold Standard

A monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

Drawbacks

Drawbacks are disadvantages or negative aspects of a situation, plan, or product that may not make it as favorable as it seems.

Hamburger Standard

A method for comparing the purchasing power between different currencies by measuring the cost of a McDonald's Big Mac in various countries.