Hayek on the Gold Standard and Commodity Reserve Currency Practice Questions | Marginal Revolution University

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Practice Questions

Hayek on the Gold Standard and Commodity Reserve Currency Practice Questions

Which one of these did Hayek think was a disadvantage of a gold standard: *

a. The standard was based on clear and predictable rules

b. Changes in the demand for money caused the supply of gold to change only slowly

c. Gold had a higher demand in non-money uses, like jewelry

Why was having a “bundle of goods” standard preferable to a gold standard for Hayek? *

a. Bundles of goods tended to have the same value over time

b. The bundles of goods would not be able to form the basis for international monetary policy

c. The bundles of goods would be able to respond to changes in consumer demand for money more quickly than gold could respond

When Hayek published “A Commodity Reserve Currency”, why had most of the world left the gold standard? *

a. World War II had caused people to abandon the gold standard

b. They had abandoned it for a silver standard

c. Paper money had proven to have a more stable value

Which of these was an advantage Hayek thought characterized both the gold standard and the bundle of commodities standard? *

a. Both were governed by clear rules

b. Both responded slowly to changes in the demand for money

c. Both would require the backing of a government in order to work properly

After World War II, most of the world followed which sort of currency standard: *

a. Gold standard

b. Commodity standard

c. Paper standard

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