Statement I: The U.S.and nearly all other industrial nations were on the gold standard until 1934.
Statement II: The gold standard may be termed "a self-correcting mechanism."

Question

Quizplus · Accepted Answer

Both statements are true. The U.S. and many industrial nations were indeed on the gold standard until 1934, when the U.S. departed from it. The gold standard is considered a self-correcting mechanism because it naturally adjusts the supply of money, influencing economic activity towards equilibrium.

Statement I: the U