Question 1

What was the dominant economic theory in Europe from the 16th to the 18th century?

Accepted Answer

Mercantilism

Answer

Communism

Answer

Capitalism

Answer

Socialism

Question 2

Which metals were particularly emphasized as important for accumulating wealth under mercantilism?

Accepted Answer

Gold and silver

Answer

Copper and iron

Answer

Diamonds and rubies

Answer

Platinum and palladium

Question 3

What did mercantilist policies favor in terms of trade?

Accepted Answer

Exporting more than importing

Answer

Importing more than exporting

Answer

Banning all trade

Answer

No preference for exporting or importing

Question 4

What did governments often do to intervene in the economy under mercantilism?

Accepted Answer

Subsidies for export industries, tariffs on imported goods, and colonial expansion

Answer

Tax breaks for all businesses

Answer

No government intervention

Answer

Free market policies

Question 5

Why were colonies particularly valued under mercantilism?

Accepted Answer

Provided raw materials and markets for finished goods

Answer

Were used for recreational purposes

Answer

Had no value under mercantilism

Answer

Provided military support only

Question 6

What was a key belief of mercantilism regarding the world's wealth?

Accepted Answer

It was finite

Answer

It was infinite

Answer

It was constantly replenishing

Answer

It was unimportant

Question 7

What did critics of mercantilism argue about its impact on domestic industries?

Accepted Answer

Stifled domestic industries not related to exports

Answer

Boosted all domestic industries

Answer

Destroyed domestic industries

Answer

Had no effect on domestic industries

Question 8

What were some consequences of mercantilism according to critics?

Accepted Answer

Potential for conflict and war, unhealthy dependence on international trade

Answer

Peace and prosperity, self-sufficiency

Answer

Isolationism, economic growth

Answer

High levels of equality, strong domestic industries

Question 9

What lasting impact did the principles of mercantilism have on economic policies?

Accepted Answer

Set the stage for later theories advocating for free trade and a more open global market

Answer

Led to increased tariffs and protectionism

Answer

Had no influence on economic policies

Answer

Resulted in the collapse of global trade

Question 10

What insights can be gained from understanding mercantilism?

Accepted Answer

Valuable insights into the development of modern economic thought and international relations

Answer

Valuable insights into technology only

Answer

No insights at all

Answer

Insights into ancient history only

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