Under the Bretton Woods system
A) the United States was the only nation with floating exchange rates.
B) all nations fixed the value of their currencies against the dollar.
C) the United States was the only nation with a fixed exchange rate.
D) all nations allowed the value of their currencies to be determined by the free market.
B
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Which of the following can explain why some countries have not experienced relatively high growth rates in real GDP per capita despite relatively low initial levels of real GDP per capita?
A) Countries that are relatively poor are more likely to experience wars and revolutions. B) Countries that are relatively poor are likely to have a lower quality of health care. C) Many of these developing countries do not have a functioning court system that can enforce laws. D) all of the above
Why can a firm in monopolistic competition make an economic profit only in the short run?
What will be an ideal response?