PracticeQuiz content is free on an ad-supported model.

Unfortunately, we can't support ad blocker usage because of the impact on our servers. If you'd like to continue, please disable your ad blocker and reload page.

Reload page

FSOT Pro

Category - Economics

Start a Study Session Sign up for Question of the Day

What is the gold standard?

The highest quality version of a product
A monetary system that links currency to the value of gold
The standard price of gold on the commodities market
The standard purity of gold sold on the commodities market

Explanation

Answer: B - The gold standard is a monetary system in which a currency is backed by a certain amount of gold, and in which paper currency can be exchanged for gold. The US used a gold standard until 1971.

Was this helpful? Upvote!

Start a Study Session Sign up for Question of the Day

FSOT Pro

Top questions

Related questions

Most popular on PracticeQuiz

Ad-Blocker not supported

FSOT Pro

Top questions

Related questions

Most popular on PracticeQuiz