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Q.

How much was the dollar fixed at after the Second World War?


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a

$24 per ounce of gold

b

$35 per ounce of gold

c

$18 per ounce of gold

d

$43 per ounce of gold 

answer is B.

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Detailed Solution

The dollar was fixed at $35 per ounce of gold after the Second World War. The Bretton Woods system worked on fixed exchange rates. It sought to link the economies of countries and monetary systems. The system pegged national currencies to the dollar at fixed exchange rates. The US held the right to veto important Bretton Woods institutions' decisions. But the system did not stay effective in the long run. The dollar could not maintain its value with gold. The costs of overseas involvement reduced the US's economic power.
 
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