IMF Members Formalized the Existing System of Floating Exchange Rates

question 42

Multiple Choice

IMF members formalized the existing system of floating exchange rates as the new international monetary system by drafting the so-called ________.

• A)Bretton Woods Agreement
• B)Smithsonian Agreement
• C)Plaza Accord
• D)Jamaica Agreement

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Definitions:

Per Capita Income

The average income earned per person in a given area or country, calculated by dividing the total income by the population.

Income Gap

The disparity in the distribution of income among different groups within a population, often between the rich and the poor.

Economic Development

The process by which the economic well-being and quality of life of a nation, region, or local community are improved according to targeted goals and objectives.