Asked by Kaleb Shamburg on May 18, 2024
Verified
Under a gold standard in which France defined 1 franc to be worth 1/50th of an ounce of gold,and the U.S.defined $1 to be worth 1/10th of an ounce of gold,then 1 U.S.dollar would exchange for __________ francs.
Gold Standard
A monetary system where a country's currency or paper money has a value directly linked to gold, used historically by many countries but largely abandoned today.
Franc
A currency that was historically used in several countries, including France and Switzerland, some of which still maintain the franc in various forms.
Define
To specify or clarify the meaning of a word, phrase, or concept.
- Understand the movement of gold in connection with trade balances under the gold standard.
- Compute the inverse value of foreign exchange rates.
Verified Answer
AY
Learning Objectives
- Understand the movement of gold in connection with trade balances under the gold standard.
- Compute the inverse value of foreign exchange rates.