Under the Gold Standard System, If 1 Ounce of Gold

question 27

Multiple Choice

Under the gold standard system, if 1 ounce of gold was worth $23 in the United States and worth 15.5 pounds in Great Britain, then:

• A) $1 = 1.48 pounds.
• B) 1 pound = $1.48.
• C) $1 = 365 pounds.
• D) 1 pound = $0.67.

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