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WorksheetsAge of Exploration: Mercantilism/Capitalism
Total questions: 22
Worksheet time: 11mins
Why did European nations practice mercantilism during the Age of Exploration?
To import more than they export
to start wars
to keep end wars.
to become more powerful by getting money (Gold/Silver)
How did nations who used mercantilism decrease imports, or how did they make it harder to buy products and goods from other nations?
by imprisoning people who purchased imported goods
by creating propaganda about foreign-made goods
by destroying all imported goods
by placing high tariffs on foreign goods
Who controls and regulates trade in a mercantilist economy?
the indivdual citizens
the government (Mother Country)
only tax payers
the voters
What was an advantage for European nations that had colonies?
They had a constant source of wealth in the form of gold and silver without any effort.
They had a source of slave labor for factories in the mother country.
They had markets for selling goods manufactured in Europe.
They had a place to relocate undesirable citizens.
During the Age of Exploration, why did European powers strive for a favorable balance of trade?
to compete against their colonies for markets
to show that their products were better than those made in the colonies
to gain gold and silver and become more powerful
to gain many different types of weapons in case of war
What is the defining characteristic of capitalism?
government ownership of all markets
private ownership of resources and production
exploitation of slave labor
development of foreign markets
The rise of the middle class and the creation of private businesses led to what kind of economic system?
command economy
barter economy
market economy
natural economy
What social class of people expanded due to the rise of the market economy in the Age of Exploration?
farmers
merchants
Slaves
Soldiers
In a true capitalist system, which group has the power to control the economy?
the government
producers and consumers
the military
elected and appointed officials
In a capitalist economy, what motivates merchants?
being loyal to the king
making money
helping the poor
honoring God
This is a tax on goods brought into a country...
Mercantilism
Feudalism
Tariff
Market
Definition: When the value of what a country exports is more than the cost of imports
Capitalism
Bullion
Favorable balance of trade
Economics
Definition: Natural resources that are not yet made into anything such as cut trees or coal that has been mined
Natural Resources
Raw Materials
Exports
Imports
What economic principle is illustrated in the image below?
Captialism
Feudalism
Socialism
Mercantilism
Complete the correct order of economic systems: Feudalism > Mercantilism > ________?______.
barter
communism
democracy
capitalism
Europeans began to use the feudalism system much less and trade more. What social change occurred because of the first statement?
population goes down (decreases)
more people depend on agriculture (farming)
Peasants gained respect from the wealthy or (nobles).
a bigger middle class emerged
What economic system does this quote support?
authoritarianism
capitalism
mercantilism
Dictatorship
What was one factor that caused economies to become more complex after the discovery of the New World?
the growth of international trade
the beginning of a world war
the expansion of the feudal system
the Black Death
What does this map illustrate about the economic policy of mercantilism?
Under mercantilism, European nations sought to export raw materials to other European nations.
Under mercantilism, European nations attempted to improve their economies by increasing their imports.
Under mercantilism, European nations created colonies to provide raw materials and markets in which to sell manufactured goods
Under mercantilism, European nations established colonies in order to have more room to build factories.
