The gold standard was a monetary system whereby countries agreed to buy or sell their paper currencies in exchange for gold.

Question

Quizplus · Accepted Answer

The gold standard was indeed a monetary system where the value of a country's currency was directly linked to a specific amount of gold. Countries that adopted the gold standard would agree to convert paper money into a fixed amount of gold upon request, thereby stabilizing currencies and facilitating international trade.

The Gold Standard Was a Monetary System Whereby Countries Agreed