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Thirty Glorious Years Key Takeaways

A historical collage that depicts economic changes from 1914 to 1948, featuring iconic images of economic symbols, leaders, and agreements like Bretton Woods, social democracies, and trade negotiations.

Economic Transformations: A Quiz on Thirty Glorious Years

Are you ready to test your knowledge on the pivotal years from 1914 to 1948? This engaging quiz will challenge your understanding of economic concepts, key agreements, and the shifts that shaped the modern world.

Join us to explore:

The impact of the post-WW2 Keynesian order
Definitions and roles of important economic structures
The significance of major agreements like Bretton Woods and GATT

10 Questions2 MinutesCreated by ExploringHistory247

1914-1948 was a period of

Turmoil

Economic Boom & Recovery

Stagnation

A Mixed Economy Is Composed of

Market structure with the government intervening to protect those less competitive in the Market structure

No market structure, no surplus maximization, full control of all sectors by the government

A component of the Post WW2 Keynsian order

Social Insurance

Obamacare

Free Pre-K education

Emergence of communism

During this period the Laissez-Faire approach became

More common

Only common in socialist countries

Unpopular

Integral to economic recovery

A Social democracy is when

People have no say in electing government, the government only protects the interest of minority groups, the government regulates all sectors

People have a say in electing their government, the system is designed to support a competitive market but government protects those who are not profiting under the market structure via welfare programs

There is a socialist government in power and everything is owned collectively

The Bretton Woods agreement stated that

All currencies would be pegged to the USD which would be pegged to the price of gold and exchange rates were to be fixed

All currencies would be pegged to the British pound and floating exchange rates would now be permitted

All countries can monitor their own exchange rates as they wished and all currencies would be pegged to the Euro

The IMF (International Monetary Fund) was created to

Provide assistance to countries devastated by WW2

Monitor exchange rates and provide loans to countries while they ran deficits

Foster peace among nations

Promote trade

The goal of GATT was to

Increase inter-dependency between nations

Promote trade

Protect smaller US domestic sectors that were less competitive

GATT would accomplish this goal by

Increase tariffs and increase barriers to entry for certain industries

Reducing tariffs and eliminate other barriers to entry

Increase subsidies

Provide loans and subsidies

Bretton Woods Agreement, GATT & IMF were created to

Promote international monetary order

All of the above/below

Act as a preventative measure against future depressions

Eventually collapsed when the US would no longer exchange gold for US currency

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