Question

which actions were taken after wwii to help ensure that an economic crisis like the great depression would not occur again? choose two correct answers.

• countries created formal agreements to increase trade barriers.
• the general agreement on tariffs and trade was overturned in 1971.
• the general agreement on tariffs and trade reduced trade barriers.
• agreements were signed to remove links between currencies.
• the bretton woods agreement created a system to connect the world’s currencies.

Explanation:

To determine the correct answers, we analyze each option:

1. "Countries created formal agreements to increase trade barriers" is incorrect. After the Great Depression, countries aimed to reduce trade barriers, not increase them, as high trade barriers worsened the depression.
2. "The General Agreement on Tariffs and Trade reduced trade barriers" is correct. The GATT (later WTO) was established to reduce tariffs and trade barriers to promote international trade and economic stability.
3. "Agreements were signed to remove links between currencies" is incorrect. Post - WWII, the Bretton Woods system established links between currencies (pegging to the US dollar, which was pegged to gold).
4. "The General Agreement on Tariffs and Trade was overturned in 1971" is incorrect. The GATT was not overturned in 1971; the Bretton Woods system's fixed exchange rate regime ended in 1971.
5. "The Bretton Woods Agreement created a system to connect the world’s currencies" is correct. The Bretton Woods system established a new global monetary order with fixed exchange rates, connecting currencies (most pegged to the US dollar, which was pegged to gold).

Answer:

• The General Agreement on Tariffs and Trade reduced trade barriers.
• The Bretton Woods Agreement created a system to connect the world’s currencies.