Mercantilism Vocabulary Quiz

What is the definition of mercantilism?

• A policy of free trade between nations

• An economic theory where a nation seeks to increase its wealth by controlling trade and accumulating precious metals

• The act of smuggling goods into a country

• A system of government based on democracy

What does the term "export" mean?

• Goods brought into a country from abroad

• Goods sent out of a country to be sold elsewhere

• Raw materials used in manufacturing

• Laws restricting trade

What is meant by "import"?

• Goods sent out of a country

• Goods brought into a country from abroad

• The act of smuggling goods

• Laws regulating trade

Which best describes "raw materials"?

• Finished products ready for sale

• Basic substances used to produce goods, such as timber, cotton, or sugar

• Laws restricting trade

• Goods smuggled into a country

What was the Triangular Trade?

• A trade route between three regions: Europe, Africa, and the Americas, involving goods, slaves, and raw materials

• A system of trade between two countries

• A law restricting colonial trade

• A method of manufacturing goods

What does "Salutary Neglect" refer to?

• Strict enforcement of colonial laws by Britain

• British policy of loosely enforcing laws in the American colonies

• The act of exporting goods

• The process of manufacturing raw materials

What were the Navigation Acts?

• Laws passed by England to restrict colonial trade and ensure it benefited England

• Agreements allowing free trade between colonies and other nations

• Acts of smuggling goods into the colonies

• Policies encouraging colonial self-government

What is smuggling?

• The legal import of goods

• The illegal movement of goods into or out of a country to avoid taxes or restrictions

• The process of manufacturing goods

• The export of raw materials

What were the Restraining Acts?

• Laws passed to limit colonial self-government and restrict colonial assemblies

• Acts encouraging free trade

• Laws allowing colonies to trade with any country

• Policies promoting the export of raw materials

Which term refers to basic substances like timber, cotton, or sugar that are used to produce goods?

• Export

• Raw materials

• Import

• Smuggling