The International Monetary System Created by the Bretton Woods Agreement

question 65

Multiple Choice

The international monetary system created by the Bretton Woods Agreement collapsed because ________.

• A) of its heavy dependence on the stability of the dollar
• B) it was not accepted by a majority of the world's nations
• C) it did not have the funds necessary for its functioning
• D) it favored only the developed countries and was of no help to struggling nations

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Definitions:

Nonmerchants

Individuals or entities that do not engage in buying, selling, or dealing in goods as their regular business activity.

Unconscionable Contract

An agreement that is so unfairly one-sided that it is deemed unenforceable under the law.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law.

Sale of Goods

A transaction between a buyer and a seller in which the seller transfers ownership of goods to the buyer for a price.