The Bretton Woods system:
a. allowed for market-determined exchange rates.
b. ended the use of the gold standard in all participating countries.
c. led to a dramatic increase in the U.S. balance of payments deficit.
d. resulted in the rapid increase of the U.S. gold supply in the 1960s.
e. All of the above.
c. led to a dramatic increase in the U.S. balance of payments deficit.
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Behavioral economics suggests that people face human limitations that prevent them from examining every possible choice available to them, with the implication that
A) the consumer optimum implied by utility theory is an inappropriate approach to deriving demand curves. B) the consumer optimum implied by utility theory is an appropriate approach to deriving demand curves. C) marginal utility is always equal to zero. D) marginal utility is always negative.
The theory of comparative advantage explains that the gains from international trade result from pursuing comparative advantage and producing at a lower opportunity cost.
Select whether the statement is true or false. A. True B. False