What Eventually Happened to About One-Third of the Silver Bullion

question 45

Multiple Choice

What eventually happened to about one-third of the silver bullion taken out of the colonies by Spain?

• A)It was used to pay for a war with France.
• B)It went directly to the Catholic Church.
• C)It was traded to China to pay for silk and porcelain.
• D)It was distributed among the criollos and mestizos.
• E)It was taken by English pirates.

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Definitions:

Nominal Gross Domestic Product

a measure of a country's economic output (all goods and services produced) valued at current market prices, without adjusting for inflation.

Consumer Price Index

is a measure that examines the weighted average of prices of a basket of consumer goods and services, often used to assess inflation.

Annual Rate

Refers to the yearly interest rate or growth rate applied to investments, loans, or any financial product that calculates earnings or payments over a year.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.