If under the gold standard, the dollar was worth one-twentieth of an ounce of gold, and the British pound was worth one-fourth of an ounce of gold, then one British pound was worth _____

Question

Quizplus · Accepted Answer

Since one dollar is worth one-twentieth of an ounce of gold, and one British pound is worth one-fourth of an ounce of gold, it means that one pound is equivalent to the amount of gold that would be worth 20/4 dollars, which simplifies to $5.

If Under the Gold Standard, the Dollar Was Worth One-Twentieth