Under the Bretton Woods system,the dollar was pegged at $35 per ounce of gold and all other countries pegged their currency to the dollar.

Question

Quizplus · Accepted Answer

This is the basic principle of the Bretton Woods system established in 1944. The US government promised to redeem dollars held by other countries for gold at the fixed rate of $35 per ounce, while other countries were expected to maintain the value of their currencies within a narrow band relative to the dollar. However, this system was abandoned in 1971 due to various economic and political factors.

Under the Bretton Woods System,the Dollar Was Pegged at $35