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Mercantilism Review (7-1.3)

Quiz by Rebecca

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10 questions
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  • Q1
    What is mercantilism?
    the theory a nation's power depends solely on the number of colonies
    the theory a nation's power depends on wealth
    the theory a nation needs to develop a capitalist nation
    the theory a nation doesn't need wealth to be powerful
  • Q2
    What is the balance of trade
    raw materials
    the difference between exports and gold
    the difference between what is imported and exported
    the difference between imports and goods
  • Q3
    A powerful nation believed it needed____________________________ to have a successful balance of trade.
    more exports than imports
    more imports than exports
    equal imports and exports
    an increase in raw materials
  • Q4
    What is a surplus?
    When there is a lot or some of a product (goods) left over or unsold
    when products are taken off the shelf
    when all products or goods have been sold
    when some products have been sold and show a chance to rise in selling
  • Q5
    What are exports?
    the difference between imports and exports
    goods to sell
    Goods a nation sells to another country
    Goods a nation buys from another country
  • Q6
    What are goods?
    items imported only
    products or items for sell
    raw materials
  • Q7
    What is the importance of Africa in mercantilism?
    Africa provided gold, other goods, and slaves
    Africa provided many goods
    Africa gave up the Suez Canal
    Africa offered spices
  • Q8
    What is the middle passage?
    The forced journey of enslaved Africans from Africa to the Americas
    the opportunity to work for money in the Americas
    imports to Europe
    the journey for an indentured servant to work for seven years before being free
  • Q9
    What are tariffs?
    A free market
    When a price is lowered
    When the price of a good stays the same
    A tax placed on goods
  • Q10
    What is favorable balance of trade?
    When other European nations place tariffs on colonies that don't belong to them
    When the mother nation places tariffs on imports from other nations, son the colonies will buy only from the mother country.
    When the colonial nations place tariffs on the mother nations
    When African nations place tariffs on European nations

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