When the Bretton Woods System Was Set Up,the United States

question 57

Multiple Choice

When the Bretton Woods system was set up,the United States agreed initially to buy and sell gold at a price of ________ per ounce.

• A)$24
• B)$35
• C)$42
• D)$48

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Definitions:

Scarcity

A basic economic challenge where human desires appear endless but the resources available are finite.

Positive Statements

Assertions about the world that are factual and can be tested for accuracy.

Normative Statements

Assertions about how the world ought to be, reflecting opinions and subjective values rather than empirical facts.

Normative Statement

An assertion that expresses a value judgment or opinion, discussing what ought to be rather than what is.