After the Bretton Woods System Was Abandoned in the Early

Multiple Choice

After the Bretton Woods system was abandoned in the early 1970s, U.S. exchange rates became the products of implicit or explicit international agreements that

A) call for exchange rates to float freely and be "managed" by market forces.
B) call for exchange rates to be fixed by active, "hold up the lamppost" intervention by central banks across the world.
C) call for exchange rates to fluctuate freely in markets, apart from occasional intervention by major central banks in times of extreme turbulence.
D) either b or c, depending on circumstance.
E) none of the above.