Unformatted text preview: 120,000 yen per ounce and to silver at 8,000 yen per ounce of silver, and the Australian dollar is pegged to silver at $5 per ounce of silver. What would the exchange rate between the U.S. dollar and Australian dollar be under this system? A. $1 U.S. = $1 Australian B. $1 U.S. = $2 Australian C. $1 U.S. = $3 Australian D. None of the above 16. The United States adopted the gold standard in A. 1776. B. 1879. C. 1864. D. 1973. 17. The gold standard still has ardent supporters who believe that it provides A. an effective hedge against price inflation. B. fixed exchange rates between all currencies. C. monetary policy autonomy. D. all of the above...
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- Spring '11
- $1, United States dollar, ounce