a. The Galleon trade is a global trading system that occurs during the era of mercantilhsm. b. The Galleon trade is a global trading system

a. The Galleon trade is a global trading system that occurs during the era of mercantilhsm. b. The Galleon trade is a global trading system because the ships crosses different ocean and land borders. C. The Galleon trade is a global trading system without multiple trade restrictions d. The Galleon trade is not an international trading system, but global because trading were made in different populated continents. 2.  The statement that BEST EXPLAIN the realities of gold standard as predecessor of global currency is: a. Gold standard is a temporary currency exclusively used in European and American continents as legal tender. b. Gold standard is based on gold reserves and precious metals of one country and continuous to be effective as means of exchange in the modern financial system. C. Gold standard is based on gold reserves of a country, and was replaced by other form of currency because of the emergence of world war which caused economic depression to most countries around the world. d. Gold standard is a system agreed by the European states and the United States and never been abandoned since these countries are economically stable. 3.  Bretton Woods System can be succinctly explained on the following points: a. It was influenced by neo-liberalism, and subsequently created two international financial institutions namely Intemational Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF). b. It was influenced by mercantilism, and subsequently created two international financial institutions namely International Bank for Reconstruction and Development (1BRD) and International Monetary Fund (IMF). C. It was influenced by Keynesianism, and subsequently created two international financial institutions namely nternational Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF). d. It was influenced by the Washington Consensus, and subsequently created two international financial institutions namely International Bank for Reconstruction and Development (1BRD) and International Monetary Fund (IMF). 4. The General Agreement on Tariffs and Trade (GATT) is a global economic integration created under the Bretton Woods System, and its main purpose of reducing tarifts and other hindrance of free trade was adopted by the neo-liberalists. The statement is: a. TRUE, because GATT did not cease to exist even though neo-liberalism was adopted by most countries. b. FALSE, because GATT’s purpose became obsolete when countries adopted the proposals of neo-liberalist. C. TRUE, because GATT’s main purpose was adopted by the World Trade Organization. d. FALSE, because GATT’s purpose was replaced by other proposals under the Washington Consensus. 5. The following are the proposals under the Washington Consensus, EXCEPT: a. Privatization of government-controlled services like water, power, communications, and transport. b. Pressuring governments of developing countries to reduce tariffs and open up their economies. C. Maximize government spending to avoid economic erisis. d. Minimal governemnt spending to reduce government debt.

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