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FSOT Full Test Bank

Category - Economics

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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.

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