45 How was the global monetary system affected by major events in the 1970s, including the OPEC oil crisis in 1971 and the loss of confidence in the U.S. dollar in the late 1970s?

Multiple Choice

• The value of the U.S. dollar stabilized.
• The European Monetary System as an institution has gained more prominence.
• The fixed rate system was adopted to calculate exchange rates.
• Exchange rates become more predictable.
• Exchange rates become much more volatile.