In the Early Part of the Twentieth Century, Nearly All

question 145

Multiple Choice

In the early part of the twentieth century, nearly all currencies

• A) were backed by gold.
• B) were held together by a system of fixed exchange rates in which the value of those currencies was set in relation to the British pound.
• C) were held together by a system of fixed exchange rates in which the value of those currencies was set in relation to the U.S. dollar.
• D) were held together by a system of flexible exchange rates in which the value of those currencies fluctuated in response to the relative supply of and demand for them.

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