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1) Suppose that the British pound is pegged to gold at 10 per ounce, whereas one ounce of gold is worth 20 in the euro

1) Suppose that the British pound is pegged to gold at 10 per ounce, whereas one ounce of gold is worth 20 in the euro zone. Under the gold standard, what is the correct exchange rate between the pound and the euro? (20points)

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