Under the Gold Standard, No Gold Would Enter or Leave

question 276

Multiple Choice

Under the gold standard, no gold would enter or leave the country if

• A) the country's overall balance of payments was in surplus.
• B) the country's overall balance of payments was in deficit.
• C) the country's overall balance of payments remained in balance.
• D) the country's overall balance of payments was either in surplus or in deficit.

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Definitions:

Promissory Estoppel

A legal principle preventing a party from withdrawing a promise if the other party has relied on that promise to their detriment.

Definite Promise

A definite promise is a clear and unambiguous commitment or pledge made by one party to another, often forming the basis of a contractual obligation.

Consideration

In contract law, it refers to something of value exchanged between parties as the basis for a contract.

Bargained-for Exchange

Bargained-for exchange is a legal concept where parties agree to provide something of value to each other, forming the basis of a contract.