Final answer:
The statement that membership in the IMF requires a country to be on the gold standard is false. The IMF evolved away from the gold standard in the 1970s, now using SDRs and a quota system based on economic size.
Step-by-step explanation:
Membership in the International Monetary Fund (IMF) does not require a country to be on the gold standard. This is false. The IMF was created as part of the Bretton Woods agreement and originally involved a system of exchange rates pegged to gold. However, the organization has evolved over time. The United States went off the gold standard in 1971, and by the end of the 1970s, no major currency was on the gold standard. The IMF currently uses special drawing rights (SDRs) to provide a reserve asset and uses a quota system based on the member country's economy to determine its financial commitment and access to financing, not its adherence to the gold standard.