Question

Why did the United States abandon the gold standard in the 1970s? A. The value of the dollar had declined because of the Bretton Woods system. B. New gold deposits were discovered in countries around the world. C. Investors began to value other precious metals more highly than gold D. Many other countries began adopting the gold standard themselves.

Answer 1

Answer:

A

Explanation:

Answer 2

The United States abandon the gold standard in the 1970s because the value of the dollar had declined because of the Bretton Woods system.

Why United States abandon the gold standard?

In the year 1971 many people started redeeming quantities of dollars with gold. It means the government and central bank were not able to stabilize the supply of money in the economy.

Therefore, the gold standard was leading to depression that was NOT providing the upper hand to the government to pump money and control interest rates.  

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