The Breton Woods System was an agreement that:
A. required each participating country to abolish all trade barriers.
B. required each participating country to stay on the gold standard.
C. standardized tariffs across all participating countries.
D. required each participating country to peg their currency to the U.S. dollar.
Answer: D
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The aggregate demand and aggregate supply model implies monetary neutrality
a. only in the short run. b. only in the long run. c. in both the short run and the long run. d. in neither the short run nor long run.
The effect of monetary policy is greatest
A. If the money demand curve is elastic. B. In the liquidity trap. C. When investment demand becomes more responsive to changes in the interest rate. D. If lenders and borrowers have low expectations about the economy.