Question 7 • GA-GSE Personal Finance and Economics
Which actions were taken after WWII to help ensure that an economic crisis like the Great Depression would not occur again? Check all that apply.Agreements were signed to remove links between currencies.The General Agreement on Tariffs and Trade was overturned in 1971.The Bretton Woods Agreement created a system to connect the world’s currencies.The General Agreement on Tariffs and Trade reduced trade barriers.Countries created formal agreements to increase trade barriers.
Answer
A
Agreements were signed to remove links between currencies.
B
The General Agreement on Tariffs and Trade was overturned in 1971.
C
The Bretton Woods Agreement created a system to connect the world’s currencies.
D
The General Agreement on Tariffs and Trade reduced trade barriers.
E
Countries created formal agreements to increase trade barriers.
Explanation
The Bretton Woods Agreement established a system of fixed exchange rates that linked the world’s currencies, helping promote financial stability. The General Agreement on Tariffs and Trade (GATT) aimed to reduce trade barriers and encourage international commerce. These measures were intended to support economic cooperation; they did not remove currency links or create agreements to raise trade barriers.
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