In the 2000s, government budget deficits became larger as a percent of GDP

Under the Bretton Woods agreement,

a. nations could not adjust their exchange rates relative to the dollar for any reason b. currency values were based on a market basket of European currencies plus the dollar c. the world monetary system operated exactly like the gold standard of pre-World War II years d. the dollar was selected as the key reserve currency e. gold played no role

In the early 1970s, in an attempt to solve the problem of the overvalued U.S. dollar, world leaders

a. increased the price of gold in terms of other currencies b. appreciated the dollar, which made foreign exchange cheaper to U.S. residents c. appreciated the dollar, which made foreign exchange more expensive to U.S. residents d. devalued the dollar, which made foreign exchange cheaper to U.S. residents e. devalued the dollar, which made foreign exchange more expensive to U.S. residents