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Economic Glossary

    Gold Exchange Standard

Gold Exchange Standard is a special form of the Gold Standard. In this system the Central bank will not exchange its currency for gold on demand (as in the case under the gold standard), but will exchange it for a currency which is itself on the gold standard.
 


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Banker's Algo Daily Dose

Word of the day

Abnegation(n)

Meaning:

The act or an instance of abnegating, or denying oneself some rights, conveniences.

Synonyms: abandonment, abstinence, eschewal, forbearance, giving up

Antonyms: acquiescence, admittance, surrenders, yielding

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A group of workers can do a task in 24 days. However as 7 of them were absent it taken 30 days to complete the work. How many people actually worked on the job to complete it?

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