What is the Gold Standard? - Definition & History

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question 1 of 3

Historically, gold is believed to have been used as currency 1st in........?

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1. Economic historians believe what early 20th century crisis was caused by adherence to the gold standard?

2. What discovery during the 16th and 17th century led to the abandonment of gold as the economic standard?

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About This Quiz & Worksheet

Answer questions on an overview of the gold standard with this worksheet/quiz. Quiz topics will include where gold was first used, according to modern history, and a crisis in the 20th century when the gold standard hurt the economy.

Quiz & Worksheet Goals

Additional questions will cover the following:

  • A discovery in the 1500s-1600s that altered the gold standard
  • The number of countries that use the gold standard in today's world
  • Variation(s) of the gold standard

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson containing an overview of the gold standard
  • Information recall - access the knowledge you've gained regarding when gold currency was first used, according to history
  • Interpreting information - verify that you can read information about other gold-based standards and determine which are variations of the principle of gold standard

Additional Learning

Learn more about the concept of gold and how it's used in society with the lesson called What is the Gold Standard? - Definition & History. The lesson will adhere to the following study points:

  • Sovereign currencies
  • Trade/exchange with other countries
  • How gold gets its value
  • William McKinley's platform that advocated a return to the gold standard in the late 1800s
  • American dollars as the world's reserve currency
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