Statement I: We are currently on the gold standard.
Statement II: The gold standard is a self-correcting mechanism.

Question

Quizplus · Accepted Answer

Statement I is false because most countries, including the United States, abandoned the gold standard in the 20th century. Statement II is true because the gold standard is considered a self-correcting mechanism as it automatically adjusts the supply of money and corrects trade imbalances.

Statement I: We Are Currently on the Gold Standard