Question 1 Each of the following is a requirement of a gold standard EXCEPT:A. a

Question 1 Each of the following is a requirement of a gold standard EXCEPT:A. a nation defines its currency in terms of gold.B. a nations money supply is made up of gold or gold certificates.C. a nation must maintain a fixed ratio between its gold stock and its money supply.D. there must be no barriers to the free flow of gold into and out of the country.Question 2 The demise of the gold standard led to:A. more international trade.B. greater and greater devaluation.C. freely floating exchange rates.D. balance-of-payment surpluses.Question 3 A U.S. importer of French wine would pay in:A. dollars.B. gold.C. euros.D. special drawing rights.Question 4 If we were on an international gold standard:A. inflation would be eliminated.B. recessions would be eliminated.C. trade deficits and surpluses would be eliminated.D. no nation would ever have to devaluate its currency.