Chapter 13 - Assignment 2: The Bimetallic Standard and Gresham's Law
Chapter 13 - Assignment 2: The Bimetallic Standard and Gresham's Law
Read François Micheloud's discussion of
The Bimetallic Standard. (Browse through all of the pages listed on the menu on the left.)
- Carefully explain how Gresham's Law may apply when a bimetallic standard is used.
- Why did the relative price of gold rise beginning in the 1870s?
- Explain why the relative prices of gold and silver remained stable throughout
the first 70 years of the 19th century.
- Why was a bimetallic monetary standard replaced by a gold standard in the latter part of
the 19th century?
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