________ was the major system of exchange rate determination before 1914.

Question

Quizplus · Accepted Answer

The gold standard was the major system of exchange rate determination before 1914. Under the gold standard, the value of a currency was determined by its fixed exchange rate to gold. This meant that countries would convert their currencies into gold at a fixed rate, which served as a benchmark for exchange rates between currencies. This system prevailed from the mid-19th century until the outbreak of World War I in 1914.

________ Was the Major System of Exchange Rate Determination Before