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The Bretton Woods Agreement: Definition & Collapse

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question 1 of 3

The Bretton Woods Agreement established the International Bank for Reconstruction and Development to _____.

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1. History suggests that currencies backed by gold are destined to fail. Several factors contribute to the failure. Which of the following factors is NOT a reason for a failure of the gold standard?

2. In 1971, President Nixon suspended the gold standard because account balance deficits and inflation were growing at an alarming rate. If Nixon had not suspended the gold standard, what is one possible outcome?

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About This Quiz & Worksheet

Answer interactive quiz questions on the Bretton Woods system with this worksheet/quiz. The questions will cover areas like why the International Bank for Reconstruction and Development was implemented and some of the causes for the failure of the gold standard.

Quiz & Worksheet Goals

Test questions will quiz you on:

  • What could have occurred if Nixon wouldn't have suspended the gold standard
  • Exchange rate established by the Bretton Woods Agreement
  • The main job of the International Monetary Fund

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the Bretton Woods system
  • Knowledge application - use your knowledge to answer questions about the various lending agencies that were created due to the Bretton Woods Agreement
  • Information recall - access the knowledge you've gained regarding what some of their policies were with regard to exchange rates and the gold standard

Additional Learning

For more on the monetary policy of the post-World War Two world, review the accompanying lesson named The Bretton Woods Agreement: Definition & Collapse. The lesson will teach you about these areas of study:

  • The socioeconomic environment that ushered in the Bretton Woods Agreement
  • Who was involved in the agreement
  • When and where it took place
  • Account balance deficits experienced by the U.S. Current Account from 1950-1957
  • What the deficits meant for U.S. gold reserves by 1964
  • The role of current accounts and what is documented in these processes by an account balance
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