The 'Bretton Woods system' of fixed exchange rates collapsed in which decade? MCQ with Answer and Explanation

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The 'Bretton Woods system' of fixed exchange rates collapsed in which decade?

A. 1980s

B. 1990s

C. 1970s

D. 1950s

Answer: Option C

Solution (By JKSSB Mock Tests)

The Bretton Woods system collapsed in the early 1970s.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is an example of a public good?

A. National defence

B. Private car

C. Restaurant meal

D. Cinema ticket

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Correct Answer: Option A

Explanation:
Public goods are non-excludable and non-rivalrous. National defence is a classic example as one person's consumption does not reduce availability for others and people cannot be easily excluded from its benefits.

This question belongs to: Economy GK Economy Set 1

Question #2

If a country's current account is in deficit, its capital account must be in:

A. equilibrium

B. zero

C. surplus or official reserves must fall

D. deficit as well

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Correct Answer: Option C

Explanation:
A current account deficit must be financed by a capital account surplus or a drawdown of official reserves.

This question belongs to: Economy GK Economy Set 1

Question #3

The soft loan window of the World Bank is:

A. IBRD

B. IDA

C. IFC

D. MIGA

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Correct Answer: Option B

Explanation:
The International Development Association is the World Bank's soft loan window.

This question belongs to: Economy GK Economy Set 1

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