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The Gold Standard

Suppose the United States and Great Britain are on the gold standard. If there is 0.25 ounce of gold in the dollar ($) and 0.55 ounce of gold in the British pound (£), then the exchange rate is ________.

▸ £1 = $2.20

▸ £1 = $0.45

▸ £1 = $0.25

▸ £1 = $0.55
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Macroeconomics

Macroeconomics


Edition: 3rd
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