In the Bretton Woods system the U.S. government was obligated to exchange dollars for gold at a fixed price.

Name: In the Bretton Woods system the U.S. government was obligated to exchange dollars for gold at a fixed price.
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Under the Bretton Woods system, the United States agreed to exchange U.S. dollars for gold at a fixed rate of $35 per ounce, making the dollar convertible into gold for foreign governments and central banks.

In the Bretton Woods System the U