ECONOMICS
FOREIGN CURRENCY MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Platinum was used as a medium of international exchange in ancient times because of its strength and value.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -The international monetary system provides the institutional framework for determining the rules and procedures for international payments, determination of exchange rates, and movement of capital.
Detailed explanation-2: -Statement 2 is incorrect: Devaluation is the decrease in price of the domestic currency under a fixed or pegged exchange rate system.
Detailed explanation-3: -The Gold Standard was a system under which nearly all countries fixed the value of their currencies in terms of a specified amount of gold, or linked their currency to that of a country which did so.
There is 1 question to complete.