Today international finance is based on ( \(\mathrm{O} 3)\) a) the gold standard b) mainly a relatively free-floating exchange rate system c) fixed rates of exchange

First, let's understand the three given options: a) The gold standard: A monetary system where a country's currency or paper money has a value directly linked to gold. Under the gold standard, countries agreed to convert paper money into a fixed amount of gold. It is no longer in use today. b) A relatively free-floating exchange rate system: A system in which currencies are allowed to fluctuate against each other in response to supply and demand forces in the foreign exchange market, with occasional government intervention as needed. c) Fixed rates of exchange: A regime in which the exchange rate between two currencies is set by the government, usually pegged to a reserve currency, and does not change based on market factors.

Now that we have a basic understanding of the given options, we can look at the present-day system of international finance. Since the collapse of the Bretton Woods system in the 1970s, most countries have adopted a floating exchange rate system, allowing their currencies to fluctuate against other currencies based on market forces. Central banks and governments may occasionally intervene to stabilize their currencies, but overall, the system can be described as relatively free-floating.

Based on our analysis, we can now select the option that best describes the current basis of international finance. The correct answer is: b) mainly a relatively free-floating exchange rate system.