Quiz on Government and Economic Systems Gr 10 Term 3 Lesson 2

What was the primary goal of mercantilism?

• Encourage competition

• Maximize state reserves of gold and silver

• Reduce government involvement

• Promote free markets

Which economic system emerged as manorialism declined?

• Mercantilism

• Feudalism

• Socialism

• Capitalism

What was a key tool for governments to access resources?

• Trade agreements

• Taxation

• Public spending

• Foreign aid

Who funded the initial sea voyages aimed at discovering new routes?

• Religious leaders

• Wealthy merchants

• Common citizens

• Kings and rulers

What did the voyages of discovery lead to in Europe?

• Inflation and economic growth

• Decreased trade

• Isolation from other countries

• Political instability

What is one feature of mercantilism?

• Promotion of small businesses

• State control of economic activity

• Encouragement of free trade

• Decentralized power

What did the laissez-faire policy promote?

• Limited government interference

• Increased tariffs

• Centralized economic control

• State monopolies

What type of taxes did individuals pay in the past?

• Poll taxes

• Luxury taxes

• Corporate taxes

• Value-added taxes

What is infrastructure?

• A method of trade

• A form of government

• A type of tax

• Physical systems that support society

What did Adam Smith propose in 'The Wealth of Nations'?

• Wealth should be distributed equally

• Trade should be limited

• The market self-regulates

• Government should control the economy