The idea that the gold standard represented an automatic self-equilibrating adjustment mechanism has been questioned because:
A) the PSFM did not work smoothly
B) the monetary authorities sterilised balance of payments imbalances
C) the shortage of gold did not allow a smooth functioning of the system
D) the PSFM did not work smoothly and the monetary authorities sterilised balance of payments imbalances
Correct Answer:
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A)
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