In 1971, most countries ?
Correct answer: B. gave up trying to fix exchange rates formally and began allowing them to be determined essentially by supply and demand
- A. adopted a new system of fixed exchange rates
- B. gave up trying to fix exchange rates formally and began allowing them to be determined essentially by supply and demand
- C. adopted single internationally accepted currency whose use is limited to international transactions
- D. returned to the gold standard
Explanation
The Bretton Woods system began to break down in 1971, after which many countries moved away from formally fixed rates and allowed exchange values to be determined more by supply and demand.
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