Under a Gold Standard in Which France Defined 1 Franc

question 117

Short Answer

Under a gold standard in which France defined 1 franc to be worth 1/50^th of an ounce of gold,and the U.S.defined $1 to be worth 1/10^th of an ounce of gold,then 1 U.S.dollar would exchange for __________ francs.

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a reduced cost per unit of output.

Search Engine

A software system designed to search for information on the World Wide Web.

Long-Run Cost

Costs that a firm incurs when all factors of production and costs are variable, not fixed, in the long term.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing as scale increases.