Mylab Economics With Pearson Etext -- Access Card -- For Economics Today: The Macro View
12th Edition
ISBN: 9780133921304
Author: Miller, Roger LeRoy
Publisher: PEARSON
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Question
Chapter 33, Problem 13P
To determine
Exchange rate between US dollar and pound sterling
Concept introduction:
Gold standard:
The gold standard is the system in which the value of the currency of a country is associated with the value of gold. Under gold standard, paper money can be converted into gold under the fixed rate. A country can use that standard, sets fixed price for gold and purchase it at the same price
Pegged exchange rate:
Pegged exchange rate is a type of fixed exchange rate, for which the country’s value of currency is fixed against either another currency or gold.
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