7-1.3 & 7-1.4 Review

Who controls and regulates trade in a mercantilist economy?

• the indivdual citizens
• the government
• only tax payers
• the voters

Which of the following describes a favorable balance of trade?

• The mother country should import more than it exports.
• The mother country should export more than it imports.
• The mother country should export the same amount of goods as other countries.
• The mother country should import all of its resources from other nations.

How do colonies benefit the mother country in a mercantile system?

• Colonies provide the mother country with raw materials and new markets.
• Colonies sell finished products to the mother country.
• Colonies export raw materials to other countries.
• Colonies purchase finished products from other countries.

Who controls and regulates trade in a mercantilist economy?

• the indivdual citizens
• the government
• only tax payers
• the voters

Which group began to form the middle class during the 17th and 18th centuries?

• mercants
• peasants
• priests
• nobles

What is capitalism based upon?

• government ownership of resources
• private ownership of resources
• monarch's ownership of resources
• no ownership of resources

Colonization supported the European economic policy of mercantilism by providing what?

• a way to purchase of excess silver and gold from colonies
• a place to store raw materials for future use
• finished products to sell in Europe
• a market for selling goods

A country will generally make money if

• it imports more than it exports.
• it exports more than it imports.
• it has agriculture as its only form of making money.
• it has ship building as its only form of making money.

Under the theory of Mercantilism, how was wealth defined?

• The amount of wealth and gold a country had
• A country's diversity in materials
• A nation's ability to produce
• How many colonies it controlled and owned

The impact of Mercantilism was that

• The rate of slavery in the Americas went down
• Trade went down
• The Colony grew wealthy
• The Mother Country grew wealthy