ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -The gold standard is a monetary system where a country’s currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price.

Detailed explanation-3: -gold-exchange standard, monetary system under which a nation’s currency may be converted into bills of exchange drawn on a country whose currency is convertible into gold at a stable rate of exchange.

Detailed explanation-4: -What Is the Bimetallic Standard? A bimetallic standard, or bimetallism, is a monetary system in which a government recognizes coins composed of both gold or silver as legal tender. The bimetallic standard backs a unit of currency to a fixed ratio of gold and/or silver.

Detailed explanation-5: -The gold standard is a monetary system backed by the value of physical gold. Gold coins, as well as paper notes backed by or which can be redeemed for gold, are used as currency under this system. The gold standard was popular throughout human civilization, often part of a bi-metallic system that also utilized silver.