Unformatted text preview: collapse in the long run. C. was indeed responsible for the eventual collapse of the dollar-based gold-exchange system in the early 1970s. D. all of the above are correct 38. Under the Bretton Woods system A. there was an explicit set of rules about the conduct of international monetary policies. B. each country was responsible for maintaining its exchange rate within 1 percent of the adopted par value by buying or selling foreign exchanges as necessary. C. the U.S. dollar was the only currency that was fully convertible to gold. D. all of the above...
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- Spring '11
- Monetary Policy, International Monetary Fund, Bretton Woods, B. Bretton Woods