Question

1. Before the international monetary system used the dollar standard, what international monetary system was used?

a. British pound system

b. Floating currency system

c. Euro standard

d. Gold standard

2. Applying IR theory, liberal institutionalists would argue that economic institutions like the WTO have ___________.

a. led to increased sentiments of nationalism within member states.

b. decreased economic development in the global South.

c. increased the influence of the state over the global economy.

d. contributed to a decrease in wars among states.

Answer 1

1) Option D. Dollar standard was adopted in 1971 following the collapse of Gold standard which pevailed for most part of the century. It began in 1873 and continued till the Bretton woods agreement was in place

2) Option C. Liberal institutionalists suggest that there should be more attention paid towards global governance and international organizations which can help in improving the international relations. Hence they would support WTO and other institutions.