Final answer:
The gold standard and gold exchange standard are currency systems that define values in terms of gold and fixed exchange rates.
Explanation:
Gold standard is the term that describes the system where the value of a currency is defined in terms of gold and can be exchanged for gold. In a gold exchange standard, a reserve currency is fixed to gold, and other countries fix their currencies to the reserve currency. The Bretton Woods system established after World War II was based on a gold exchange standard.
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