Question 1

What is the freedom of private businesses to compete for profits without government involvement?

Accepted Answer

free enterprise

Answer

mercantilism

Answer

colonialism

Answer

empires

Question 2

Which of the following is NOT an economic system?

Accepted Answer

colonialism

Answer

capitalism

Answer

mercantilism

Answer

fuedalism

Question 3

What is an entrepreneur?

Accepted Answer

a business person who risks money in hopes of making a profit

Answer

a member of the clergy who spreads Christianity

Answer

a wealthy noble who owes a debt to the king

Answer

a ship captain who sails caravels

Question 4

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

Accepted Answer

merchants

Answer

peasants

Answer

nobles

Answer

priests

Question 5

Who took the risks of transporting goods between the colonies and Europe?

Accepted Answer

merchants

Answer

puritans

Answer

governments

Answer

slaves

Question 6

In which type of economy do individual buyers and sellers interact in the marketplace to exchange goods and services?

Accepted Answer

market economy

Answer

command economy

Answer

mercantilism

Answer

fuedalism

Question 7

What is capitalism based upon?

Accepted Answer

private ownership of resources

Answer

government ownership of resources

Answer

monarch's ownership of resources

Answer

no one's ownership of resources

Question 8

What controls the prices in a market economy?

Accepted Answer

supply and demand

Answer

the government

Answer

the market

Answer

raw materials

Question 9

How did mercantilist nations decrease imports?

Accepted Answer

by placing high tariffs on foreign goods

Answer

by destroying all imported goods

Answer

by creating propaganda about foreign-made goods

Answer

by imprisoning people who purchased imported goods

Question 10

Who controls and regulates trade in a mercantilist economy?

Accepted Answer

the government

Answer

individuals

Answer

the voters

Answer

the tax payer

Question 11

What is one role colonies play in a mercantilist system?

Accepted Answer

Colonies sell raw materials to other countries.

Answer

Colonies purchase raw materials from other countries.

Answer

Colonies purchase finished products from the mother country.

Answer

Colonies manufacture finished products for the mother country.

Question 12

Which of the following describes a favorable balance of trade?

Accepted Answer

The mother country should export more than it imports.

Answer

The mother country should export the same amount of goods as other countries.

Answer

The mother country should import more than it exports.

Answer

The mother country should import all of its resources from other nations.

Question 13

What is the main goal of mercantilist nations?

Accepted Answer

Gain as much gold and silver as possible

Answer

Share wealth with other nations

Answer

Import many goods from other nations

Answer

Make colonies wealthy

Question 14

What is the production, consumption, and transfer of wealth in a country?

Accepted Answer

economics

Answer

religions

Answer

cultures

Answer

politics

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