Suppose That Under a Gold Standard,that the Price of Gold

question 18

Multiple Choice

Suppose that under a gold standard,that the price of gold in the United States is $450 per ounce and the price of gold in the United Kingdom is 200£ per ounce.The exchange rate is thus:

• A) 2.25£ per dollar
• B) $0.45 per pound.
• C) $2.25 per pound.
• D) 1£ per dollar.

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