Question
Which actions were taken after WWII to help ensure that an economic crisis like the Great Depression would not occur again? Check all that apply.
Agreements were signed to remove links between currencies.
The General Agreement on Tariffs and Trade was overturned in 1971.
The Bretton Woods Agreement created a system to connect the world’s currencies.
The General Agreement on Tariffs and Trade reduced trade barriers.
Countries created formal agreements to increase trade barriers.
Agreements were signed to remove links between currencies.
The General Agreement on Tariffs and Trade was overturned in 1971.
The Bretton Woods Agreement created a system to connect the world’s currencies.
The General Agreement on Tariffs and Trade reduced trade barriers.
Countries created formal agreements to increase trade barriers.
Answers
GPT-4o mini
After WWII, several actions were taken to help ensure that an economic crisis like the Great Depression would not occur again. The following options apply:
1. **The Bretton Woods Agreement created a system to connect the world’s currencies.** - This agreement established a new international monetary system that aimed to provide stability and foster economic cooperation.
2. **The General Agreement on Tariffs and Trade reduced trade barriers.** - GATT was created to promote international trade by reducing tariffs and other trade barriers, thus encouraging economic growth and cooperation among member countries.
The other options listed do not accurately reflect actions taken post-WWII aimed at preventing another Great Depression:
- **Agreements were signed to remove links between currencies.** - This statement is not accurate in the context of post-WWII actions, as the Bretton Woods system involved fixed exchange rates linked to the US dollar.
- **The General Agreement on Tariffs and Trade was overturned in 1971.** - GATT was not overturned in 1971; it continued to exist and evolve, ultimately leading to the creation of the World Trade Organization (WTO) in 1995.
- **Countries created formal agreements to increase trade barriers.** - The post-WWII focus was on reducing trade barriers, not increasing them.
In summary, the correct options are the Bretton Woods Agreement and the General Agreement on Tariffs and Trade.
1. **The Bretton Woods Agreement created a system to connect the world’s currencies.** - This agreement established a new international monetary system that aimed to provide stability and foster economic cooperation.
2. **The General Agreement on Tariffs and Trade reduced trade barriers.** - GATT was created to promote international trade by reducing tariffs and other trade barriers, thus encouraging economic growth and cooperation among member countries.
The other options listed do not accurately reflect actions taken post-WWII aimed at preventing another Great Depression:
- **Agreements were signed to remove links between currencies.** - This statement is not accurate in the context of post-WWII actions, as the Bretton Woods system involved fixed exchange rates linked to the US dollar.
- **The General Agreement on Tariffs and Trade was overturned in 1971.** - GATT was not overturned in 1971; it continued to exist and evolve, ultimately leading to the creation of the World Trade Organization (WTO) in 1995.
- **Countries created formal agreements to increase trade barriers.** - The post-WWII focus was on reducing trade barriers, not increasing them.
In summary, the correct options are the Bretton Woods Agreement and the General Agreement on Tariffs and Trade.