What Did the Classic Gold Standard Era and the Bretton

question 1

Multiple Choice

What did the classic gold standard era and the Bretton Woods System have in common?

• A)The flexibility to adjust exchange rates when currency crises occurred.
• B)The world's major powers cooperated in maintaining the system.
• C)In both cases a major power (the United States and Soviet Union,respectively)opted out of the system.
• D)Both were created in response to devastating wars.
• E)Both failed because of a major depression.

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Definitions:

Atmospheric Pressure

The pressure exerted by the weight of the atmosphere at any given point, usually measured in millibars (mb) or inches of mercury (Hg).

Sea Level

The average height of the ocean's surface between high and low tide, used as a reference point for measuring elevations and atmospheric pressure.

Fluid

A substance that has fluidity; that is, it lacks definite shape and both flows readily and yields to the slightest pressure. Most liquids and gases are fluids.

Gases

Substances that exist in a state that fills any container uniformly, without a definite shape or volume, such as oxygen or nitrogen.