Which of the following was an effect of U.S. president Richard Nixon's decision to take the dollar off the gold standard?
A) The Japanese yen gained strength in currency markets with a corresponding decline in the value of the Swiss franc.
B) Nation-states such as Italy and Britain tied their currencies to the U.S. dollar.
C) Second World nations found it harder to get loans from First World banks.
D) International financial institutions escaped the control of national political authorities.

Question

Quizplus · Accepted Answer

When President Nixon took the dollar off the gold standard in 1971, it marked the end of the Bretton Woods system of fixed exchange rates, leading to more floating rates and less control by national governments over international financial institutions. This shift allowed these institutions to operate with greater freedom from national political authorities.

Which of the Following Was an Effect of U