The recent flexible exchange rate system developed because of:
a. the controversies generated by trade surplus nations wanting to devalue their currencies

b. the huge debts owed to the IMF by less-developed countries.
c. governments were unable to agree on an alternative to a fixed-rate approach when the Bretton Woods system collapsed.
d. the controversies generated by trade deficit nations wanting to raise the value of their currencies.


c

Economics

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A citizen in a developing country with a currency policy of convertibility on the current account could engage in all of the following transactions except:

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Economics