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IMF Quiz

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What was the original purpose of the International Monetary Fund (IMF) according to the Bretton Woods agreement?

To establish a gold exchange standard

To provide financial aid to developing countries

To oversee the international monetary system and ensure exchange rate stability (correct)

To encourage restrictions on trade and currency exchange

What is the definition of 'devaluation' as per the text?

The stabilization of exchange rates

The increase in the official rate at which one currency is exchanged for another

The reduction in the official rate at which one currency is exchanged for another (correct)

The elimination of currency exchange restrictions

What led to the shift in the IMF's role in 1971?

The collapse of the Bretton Woods system (correct)

The oil crises of 1973 and 1979

The increase in developing countries afflicted with debt crises

The transition to a gold exchange standard

What did the IMF increasingly focus on from the early 1980s onwards?

<p>Supporting developing countries afflicted with debt crises</p> Signup and view all the answers

What is the definition of 'exchange rate' based on the text?

<p>The price at which one currency is exchanged for another</p> Signup and view all the answers

Study Notes

The International Monetary Fund (IMF)

The original purpose of the IMF, according to the Bretton Woods agreement, was to promote international monetary cooperation, exchange rate stability, and provide temporary financial assistance to countries facing balance of payments problems.

Key Concepts

Devaluation: a reduction in the value of a country's currency relative to other currencies, usually to correct a balance of payments deficit.

Shift in the IMF's Role

The shift in the IMF's role in 1971 was led by the collapse of the Bretton Woods system, which allowed currencies to float against the US dollar, and the US suspension of gold convertibility.

IMF's Focus from the 1980s

From the early 1980s onwards, the IMF increasingly focused on providing financial assistance to developing countries and countries in transition, and promoting economic reform and stability.

Exchange Rate

Exchange rate: the price of one country's currency in terms of another country's currency, determining how much of one currency can be exchanged for another.

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Description

Test your knowledge of the International Monetary Fund (IMF) with this quiz. Explore the history, functions, and impact of this intergovernmental organization established in 1947.