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Question
Which of the following statements is true about the gold standard?
A. Given a common gold standard, the value of any currency in units of any other currency was easy to determine.
B. Establishing a gold standard seemed impractical as the volume of international trade expanded in the wake of the Industrial Revolution.
C. A drawback of the gold standard was that it failed to provide a mechanism for achieving balance-of-trade equilibrium by all countries.
D. Under the gold standard, when a country has a trade deficit, there will be a net flow of gold from the other countries to that country.
E. The gold standard refers to the use of gold coins as a medium of exchange between countries involved in international trade.
Answer
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