Multiple Choice
Suppose the U.S.dollar is backed by one-sixth of an ounce of gold and the British pound is backed by one-third of an ounce of gold.The exchange rate between the U.S.dollar and the British pound equals ________ per pound.
A) $0.50
B) $1.00
C) $1.50
D) $2.00
Correct Answer:
Verified
Correct Answer:
Verified
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