What monetary system is defined by currency backed solely by gold reserves?
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Correct answer: Gold standard
The gold standard is a monetary system where currency value is directly tied to gold. Governments promise to redeem paper money for a fixed amount of gold.
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More Gold Standard and Bimetallism questions
- What was the main goal of supporters of bimetallism in the late 19th century United States?
- Which group most strongly supported bimetallism during the late 1800s?
- What was a key argument made by supporters of the gold standard?
- What was the 'Free Silver' movement?
- Which famous speech criticized the gold standard and supported bimetallism?
- Who was a major political leader advocating for bimetallism in the 1896 election?