Under the Bretton Woods system,all currencies of member states were fully convertible to gold. none of the options the U.S. dollar was the only currency that was fully convertible to gold; other currencies were not directly convertible to gold. all currencies of member states were fully convertible to gold or silver.
the U.S. dollar was the only currency that was fully convertible to gold; other currencies were not directly convertible to gold.
The correct answer is: none of the options – the U.S. dollar was the only currency that was fully convertible to gold; other currencies were not directly convertible to gold.
Under the Bretton Woods system, which was established in 1944, the U.S. dollar was the world’s key currency, and it was linked to gold at a fixed rate of $35 per ounce. Other member countries’ currencies were pegged to the U.S. dollar, which in turn was convertible to gold. Therefore, while the U.S. dollar was fully convertible to gold, other currencies were indirectly linked to gold through the U.S. dollar. This system was in place until 1971, when President Nixon suspended the convertibility of the U.S. dollar to gold, effectively ending the Bretton Woods system.
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