With the Help of an Example, Explain How Balance-Of-Trade Equilibrium

question 40

Essay

With the help of an example, explain how balance-of-trade equilibrium is maintained under the gold standard.

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Definitions:

Porphyra

A genus of red algae that grows in cold seawater and is commonly used as nori in sushi preparation.

Aquatic Food Chains

The hierarchical sequence of organisms each dependent on the next as a source of food in an aquatic environment.

Diatoms

Diatoms are a major group of algae, characterized by their unique cell walls composed of biogenic silica.