Gold par value refers to the ____.
A) ratio of price of gold in a currency to price of gold in U.S. dollars
B) amount of a currency needed to purchase one ounce of gold
C) ratio of price of gold in a currency to price of gold in euros
D) amount of gold required to equal the reference currency that a nation is using

Question

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Gold par value refers to the amount of a currency needed to purchase one ounce of gold. The par value system was used in the Bretton Woods Agreement, which pegged currencies to the value of gold. Each country would set their par value for their currency in relation to the U.S. dollar, which was pegged to gold at $35 an ounce.

Gold Par Value Refers to the ____