APE Period 2, MU #8 Notebook 27 Capitalism Quiz

What economic system dominated the 18th century in Europe?

• Socialism

• Mercantilism

• Communism

• Feudalism

Which European countries had eliminated the Spanish, Portuguese, and French competition in Asia after the Seven Years War?

• Spain and Portugal

• France and England

• Germany and Italy

• England and the Netherlands

What was the biggest change in European economics before industrialization?

• The barter system

• The guild system

• The command economy

• The putting-out system

Who codified a new economic theory in his book the Wealth of Nations in 1776?

• Karl Marx

• Milton Friedman

• Adam Smith

• John Maynard Keynes

What did Adam Smith advocate in his economic theory?

• State interference in the market

• Free market economics

• Centralized economic planning

• Communal ownership of resources

What did the putting-out system involve in the mid 18th century?

• Centralized manufacturing in factories

• Encouraging self-sufficiency in households

• Distributing textile production to workshops

• Importing finished textiles from other countries

What did Europeans continue to exploit and control in the 18th century?

• Foreign military alliances

• European trade unions

• Independent indigenous communities

• Single-export based colonies

What did the African Slave Trade and plantation systems peak in the 1700s?

• Demand for tobacco and cotton

• Demand for sugar and coffee

• Demand for timber and fur

• Demand for spices and silk

What did the Triangular Trade involve in the 18th century?

• Exchange of raw materials between Europe and Asia

• Exchange of luxury goods between Europe and the Middle East

• Exchange of manufactured goods within Europe

• Exchange of slaves, raw materials, and manufactured goods between Europe, Africa, and the Americas

What did the putting-out system provide for regular people in Western Europe?

• Increased access to education

• Improved healthcare facilities

• More money and increased living standards

• Better transportation infrastructure