Most Countries Abandoned Convertibility and the Gold Standard in 1931

question 101

Multiple Choice

Most countries abandoned convertibility and the gold standard in 1931 because:

• A) there was a sharp decline in the amount of gold mined
• B) the Bretton Woods Agreement was signed
• C) of the cycle of devaluations resulting from the Great Depression
• D) of the collapse of the Weimar Republic and the rise of Germany
• E) of the preference for a managed float system

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Definitions:

Lightning

An electrostatic discharge during a thunderstorm that results in a bright flash of electricity traveling between clouds or between a cloud and the ground.

Industrial Smog

Air pollution resulting from industrial activities, characterized by the presence of smoke and harmful gases, particularly sulfur dioxide and particulate matter.

Hydroelectricity

The generation of electricity using the flow of water through turbines in dams.

Coal

Coal is a combustible black or brownish-black sedimentary rock used primarily as an energy source or in industrial processes.