In the Context of the Global Money System,in August 1971

Multiple Choice

In the context of the global money system,in August 1971 President Nixon made the following two announcements: (1) a new 10 percent tax on imports would remain in effect until the trading partners of the U.S.agreed to revalue their currency against the dollar and (2) _____.

A) the dollar was no longer convertible into gold
B) the U.S. would no longer support the World Bank
C) the U.S. planned to devalue its currency by 20 percent
D) the U.S. planned to call for a second Bretton Woods conference
E) the U.S. would sell its entire gold reserve