Under the Gold Standard, All Except One of the Following

question 110

Multiple Choice

Under the gold standard, all except one of the following are true.Which is not true?

• A)Paper currency was convertible into gold at a fixed rate.
• B)A balance-of-payments deficit would result in a loss of gold.
• C)A balance-of-payments surplus would result in an inflow in gold.
• D)The money supply of any country was largely determined by flows of gold.
• E)A surplus country experienced a rise in its money supply and a drop in its price level.

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