The 'Nixon shock' of 1971 ended the convertibility of the US dollar into: MCQ with Answer and Explanation

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The 'Nixon shock' of 1971 ended the convertibility of the US dollar into:

A. gold

B. euro

C. yen

D. silver

Answer: Option A

Solution (By JKSSB Mock Tests)

The Nixon shock ended the convertibility of the US dollar into gold.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Countervailing duties are imposed to:

A. restrict foreign investment

B. offset subsidies given by foreign governments to their exporters

C. increase domestic consumption

D. promote exports

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Correct Answer: Option B

Explanation:
Countervailing duties offset foreign export subsidies.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Asian Development Bank' headquarters is in:

A. Manila

B. Singapore

C. Tokyo

D. Beijing

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Correct Answer: Option A

Explanation:
ADB headquarters is in Manila.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a factor affecting the elasticity of demand?

A. Cost of production of the commodity

B. Nature of the commodity (necessity or luxury)

C. Availability of substitutes

D. Time period under consideration

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Correct Answer: Option A

Explanation:
Cost of production affects supply, not the elasticity of demand. Elasticity of demand depends on substitutes, nature of the good, income proportion, time, and habits.

This question belongs to: Economy GK Economy Set 1

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