Under the gold standard era of 1870 – 1914,

A.central banks tried to have sharp fluctuations in the balance of

B.central banks tried to avoid sharp fluctuations in the current account of the balance of

C.central banks tried to avoid sharp fluctuations in the trade account of the balance of

D.central banks tried to avoid sharp fluctuations in the financial account of the balance of

E.central banks tried to avoid sharp fluctuations in the balance of payments.

Answer: E