Imagine a simple economy of fredonia that uses gold as its, Business Economics

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Imagine a simple economy of fredonia that uses gold as its

Imagine a simple economy of Fredonia that uses gold as its currency (only gold, not gold backed paper). Suppose that Fredonia finds itself deeply in debt and that its creditors who all live in the country of Sylvania demand the repayment of debt in gold. What is likely to happen to price in Fredonia?

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