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Question
Which of the following observations is true of the Bretton Woods agreement?
A. The participating countries were required to exchange their currencies for gold.
B. Devaluation was accepted as a tool of competitive trade policy.
C. The agreement called for a system of floating exchange rates.
D. For weak currencies, devaluation of up to 10 percent was allowed without any formal approval by the International Monetary Fund.
E. A fixed exchange rate system was deemed impractical.
Answer
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