Because the U.S.economy no longer held the overwhelming dominance it had in 1944,the United States dropped the __________ in the 1970s.

Question

Quizplus · Accepted Answer

The United States dropped the gold standard in the 1970s because its economy no longer held overwhelming dominance, and it was no longer feasible to maintain the fixed exchange rate system that was in place under the gold standard. The gold standard was a monetary system in which the value of a currency was fixed to a specific amount of gold, and the currency could be exchanged for gold at that fixed rate.