Here are the correct responses regarding the Treaty of Versailles:
- The treaty reduced Germany's power in the world.
- The treaty took away all of Germany's overseas colonies.
- The treaty required Germany to pay reparations to the Allied countries.
The statement "The treaty was considered by historians to be fair for all countries involved in World War I." is generally not considered correct, as many historians argue that the treaty was punitive towards Germany and contributed to political and economic instability in Europe following the war.