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Suppose that under the gold standard, an ounce of gold cost $20.67 in US dollars and 4.2474 in British pounds. Therefore, the exchange rate of

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Suppose that under the gold standard, an ounce of gold cost $20.67 in US dollars and 4.2474 in British pounds. Therefore, the exchange rate of pounds per dollar under this fixed exchange regime was 4.8665 2055 .0114 87.7938

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