Under the Gold Standard System, 1 Ounce of Gold Was

question 108

Multiple Choice

Under the gold standard system, 1 ounce of gold was worth $23 in the United States and worth 15.5 pounds in Great Britain. If the price of gold in Great Britain decreases by 10%, then:

• A) the new exchange rate would show approximately 10% depreciation of the dollar.
• B) $1 = 1.64 pounds.
• C) 1 pound = $1.64.
• D) the new exchange rate would show approximately 10% depreciation of the dollar, and 1 pound would be equal to $1.64.

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