Which of the following is one of the major reasons the gold standard was abandoned? 1) The increased flow of gold from the U.S. into foreign central banks. 2) The competitive devaluation of currencies during the Great Depression. 3) The strengthening of the U.S. dollar due to the rise in productivity levels in the United States. 4) The United States unilaterally announced that the dollar would not be convertible to gold. The strategy of treating each country as a unique market and in total isolation is referred to as _____. 1) total globalization 2) standardization 3) semiglobalization 4) localization Which of the following would be an example of a force majeure defense for a seller? 1) If the seller decides to stop delivery out of fear of nonpayment 2) If the customer has already accepted nonconforming goods 3) If the goods to be delivered are destroyed in an earthquake 4) If the seller places warranties on the goods By trying to be self-sufficient and producing a wide range of goods, _____ policies reduce the wealth of a nation in the long run. 1) absolute advantage 2) laissez faire 3) free trade 4) mercantilist A currency board is a monetary authority