Under the Gold Standard, if the price of gold was fixed at $42 per ounce by the Federal Reserve of US while the price of gold was fixed at 14.63 per ounce by the Bank of England, then the exchange rate must have been fixed at ________________.

Select one:

a. $42 per pound

b. 0.417 per dollar

c. 0.348 per dollar

d. $2.42 per pound