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Question
Which was the first country to abandon the Gold Standard monetary system?
Which was the first country to abandon the Gold Standard monetary system?
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Solution
The correct option is A England
The Great Depression affected world markets. This forced countries to take extreme measures in an attempt to recover their economy. When the emergency measures like cutbacks in expenditure and increased taxation failed to secure the economy, England abandoned the Gold standard.
The Great Depression affected world markets. This forced countries to take extreme measures in an attempt to recover their economy. When the emergency measures like cutbacks in expenditure and increased taxation failed to secure the economy, England abandoned the Gold standard.
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