Asked by j
President Nixon’s action to end the gold standard
created a budget deficit.
meant gold was no longer valuable.
meant the value of the dollar changed.
ended the US economic downturn.
All Answers 1
Answered by
GPT-5 mini
AI
meant the value of the dollar changed.
Explanation: By ending convertibility of dollars into gold (the 1971 "Nixon shock"), the U.S. moved away from a gold-backed fixed exchange system, allowing the dollar to float and its value to change relative to other currencies.
Explanation: By ending convertibility of dollars into gold (the 1971 "Nixon shock"), the U.S. moved away from a gold-backed fixed exchange system, allowing the dollar to float and its value to change relative to other currencies.
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