Under Which Exchange Rate System Was a Dollar Redeemable for Gold

question 250

Multiple Choice

Under which exchange rate system was a dollar redeemable for gold only if the dollar was presented by a foreign central bank?

• A)the gold standard
• B)a managed float exchange rate system
• C)the Bretton Woods System
• D)a fiat system

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Definitions:

Legally Unenforceable

Pertains to a contract or obligation that, due to a lack of certain legal requisites, cannot be upheld by a court of law.

Offeror

The party in a contract negotiation who proposes a set of terms to another party (the offeree), initiating the offer for a contract.

Offeree

The person or entity to whom an offer is made, especially in the context of contract law.

Quasi-Contracts

Legal obligations created by courts where no true contract exists, to prevent unjust enrichment of one party at the expense of another.