1. Under the Bretton Woods system, which is NOT true

a. each country was responsible for maintaining its exchange rate within 1 percent of the adopted par value by buying or selling foreign exchanges as necessary.

b. the U.S. dollar was pegged to gold at $35 per ounce.

c. there was an explicit set of rules about the conduct of international monetary policies.

d. all currencies of member states were fully convertible to gold or silver.

2. In 2020 the United States had a current account deficit. The current account deficit implies that the United States

a. had a surplus on legal consulting and engineering services.

b. produced more output than it consumed.

c. consumed more output than it produced.

d. none of the above