3. This question refers to the gold standard. There were three periods of the gold standard: The 19th Century classical gold standard, the interwar gold standard, and Bretton Woods. (a) Carefully distinguish between the three types of monetary systems, with reference to the international political coordination required in each one. (15%) (b) Consider the quantity theory of money. If economic growth occurs, what happens to the price level? (10%) (c) Under the classical gold standard, international trade had little impact on inflation due to the price-specie-flow mechanism. For example, if Country A bought from Country B, then gold would be exported from A to B in order to settle payments. With reference to the quantity theory of money, why would this stabilize prices across countries?' (15%)