What type of exchange rate system was the gold standard? Explain how it operated?

Question:

What type of exchange rate system was the gold standard? Explain how it operated?
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

International Money and Finance

ISBN: 978-0123852472

8th edition

Authors: Michael Melvin, Stefan C. Norrbin

Question Posted: