The Gold Standard Flashcards
(6 cards)
1
Q
What year was gold discovered deep underground in Witwatersrand, SA?
A
1886
2
Q
Why was gold in great demand in Europe and the USA during the late 19th century?
A
Leading economies did not produce gold
3
Q
What does the term ‘gold standard’ refer to?
A
Countries had to keep gold in a bank vault to the value of the currency they issued
4
Q
What was required for a country to print more money under the gold standard?
A
A country had to buy more gold
5
Q
How was the price of gold determined internationally?
A
The price of gold was fixed internationally
6
Q
Fill in the blank: Currencies were backed by gold, known as the _______.
A
gold standard
