Under a gold standard,if the market price of gold is above the official price of gold (set by the monetary authority)members of the public would likely buy gold _______________ and sell it __________________,causing the market price of gold to ____________________.

Question

Quizplus · Accepted Answer

When the market price of gold is above the official price set by the monetary authority, people would buy gold from the monetary authority at the lower price and sell it in the gold market at the higher price. This increases the supply of gold in the market, leading to a decrease in its market price.

Under a Gold Standard,if the Market Price of Gold Is