Questions: In an effort to get all countries to simultaneously revalue against the dollar, President Nixon announced in 1971 that the dollar was no longer convertible into gold.

In an effort to get all countries to simultaneously revalue against the dollar, President Nixon announced in 1971 that the dollar was no longer convertible into gold.
Transcript text: Multiple Choice Question In an effort to get all countries to simultaneously revalue against the dollar, President Nixon announced in 1971 that the dollar was no longer convertible into $\qquad$ . coins euros gold yen
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Solution

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Answer

The answer is gold.

Explanation
Option 1: coins

Coins are a form of currency, but the context of the question is about the international monetary system and the convertibility of the dollar, which is not related to coins.

Option 2: euros

The euro did not exist in 1971. The euro was introduced as an accounting currency in 1999 and as physical currency in 2002.

Option 3: gold

In 1971, President Nixon announced that the dollar would no longer be convertible into gold. This event is known as the "Nixon Shock" and marked the end of the Bretton Woods system, which had established fixed exchange rates and the convertibility of the dollar into gold.

Option 4: yen

The yen is the currency of Japan, and the question is about the dollar's convertibility, which was historically tied to gold, not another currency like the yen.

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