All of the Following Are True of the Gold Standard

question 5

Multiple Choice

All of the following are true of the gold standard except

• A) It requires international trading partners to strictly accept gold payments for imports and exports
• B) It supported stable and fixed exchange rates throughout most of the 19th century
• C) It encouraged international trade
• D) It integrated the U.S. monetary system into the world market.

Recognize the influence of societal rules and personal values on moral reasoning.

Analyze moral dilemmas using Kohlberg's framework.

Understand the criticisms and limitations of Kohlberg's theory of moral development.

Identify the role of empathy and perspective-taking in moral development.

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Definitions:

National Saving

The total amount of saving in a country, equal to the sum of private and public saving, representing the national income not spent on consumption or government expenditure.

Public Saving

The portion of a government's budget surplus, which is the difference between tax revenues and government spending.

Private Saving

Private saving is the portion of households' and businesses' income that is not spent on consumption or taxes, typically saved for future investment or consumption.

Closed Economy

An economy that does not interact with other economies in the world