The Gold Standard Was Dissolved in 1973 Because

question 17

Multiple Choice

The gold standard was dissolved in 1973 because

• A)the U.S.printed too many dollars to maintain gold at $35/oz
• B)exchange markets preferred a floating rate system
• C)high interest rates raised the cost of holding gold
• D)some countries preferred to hold gold instead of dollars

---

Definitions:

Probability

The quantification of the chance of an event happening, represented as a number from 0 to 1, with 0 meaning the event is impossible and 1 meaning the event is certain.

P-Value

The probability of observing data at least as extreme as the ones observed, under the assumption that the null hypothesis is true.

Explanatory Variable

A variable in a statistical model that is believed to cause or influence changes in a response variable.

Test Statistic

A test statistic is a calculated value from sample data used in hypothesis testing to determine whether to reject the null hypothesis.