Question 1

What time period was mercantilism a popular economic theory in Europe?

Accepted Answer

16th to 18th centuries

Answer

19th to 20th centuries

Answer

10th to 12th centuries

Answer

21st century

Question 2

How did mercantilism define a country's wealth?

Accepted Answer

By its stockpile of gold and silver

Answer

By its population size

Answer

By its military strength

Answer

By its land area

Question 3

What did mercantilist policies aim to do regarding trade?

Accepted Answer

Encourage exports while limiting imports

Answer

Eliminate all trade

Answer

Promote equal trade balance

Answer

Encourage imports while limiting exports

Question 4

What role did colonies play in mercantilism?

Accepted Answer

Provided raw materials to the mother country

Answer

Bought goods from the mother country

Answer

Declared independence from the mother country

Answer

Had no role in mercantilism

Question 5

What was a major limitation of mercantilism?

Accepted Answer

Led to trade conflicts and wars

Answer

Boosted global economy

Answer

Promoted peace and cooperation

Answer

Encouraged equal distribution of resources

Question 6

What economic theory eventually replaced mercantilism?

Accepted Answer

Classical economics

Answer

Capitalism

Answer

Socialism

Answer

Communism

Question 7

What did mercantilism believe a country needed to do in terms of trade?

Accepted Answer

Export more than they import

Answer

Import more than they export

Answer

Maintain equal trade balance

Answer

Avoid all trade

Question 8

What did mercantilist policies seek to promote in domestic industries?

Accepted Answer

Manufacturing

Answer

Agriculture

Answer

Mining

Answer

Services

Question 9

What did colonies provide to the mother country in the mercantilist system?

Accepted Answer

Raw materials

Answer

Technology

Answer

Labor force

Answer

Manufactured goods

Question 10

What was a key aspect of mercantilism's approach to trade?

Accepted Answer

High tariffs on imports

Answer

Export restrictions

Answer

Lowering tariffs on imports

Answer

No tariffs on imports

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