Evaluate the economic impact on Europe of the voyages of exploration.

The question requires that candidates make an appraisal of the economic impact the voyages of exploration had on Europe. Candidates may focus on the voyages of one or more countries and they may suggest that the impact was largely positive, largely negative or somewhere between. Areas to consider may include the impact of new sources of bullion, the influx of which contributed to inflation in many parts of Europe throughout the first half of the 16th century and had a substantial impact on the living standards of many social groups. There may also be consideration of changing trade patterns within the continent due to the arrival of new raw materials. Some candidates may argue that there was a rise in entrepreneurial activity, as traders sought to capitalize from access to goods that were not subject to the tariffs of the overland routes from Asia and through the Middle East.