give explanation

Problem 7. Gold Standard. ( 8 pts) Read the article "Why Russia has put the rouble on a gold standard - but it's unlikely to last" available at Brightspace and answer the following questions: a) What are the reasons behind the Russian adoption of the gold standard and what are the risk it faces? b) Suppose that a country had a balance of payments deficit at the current fixed exchange rate. How would this imbalance be corrected in the foreign exchange market? What would this affect the monetary base, interest rats, aggregate demand, real output and price level