
Mercantilism Review (7-1.3)
Quiz by Rebecca
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10 questions
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- Q1What is mercantilism?the theory a nation's power depends solely on the number of coloniesthe theory a nation's power depends on wealththe theory a nation needs to develop a capitalist nationthe theory a nation doesn't need wealth to be powerful30s
- Q2What is the balance of traderaw materialsthe difference between exports and goldthe difference between what is imported and exportedthe difference between imports and goods20s
- Q3A powerful nation believed it needed____________________________ to have a successful balance of trade.more exports than importsmore imports than exportsequal imports and exportsan increase in raw materials20s
- Q4What is a surplus?When there is a lot or some of a product (goods) left over or unsoldwhen products are taken off the shelfwhen all products or goods have been soldwhen some products have been sold and show a chance to rise in selling20s
- Q5What are exports?the difference between imports and exportsgoods to sellGoods a nation sells to another countryGoods a nation buys from another country30s
- Q6What are goods?items imported onlyproducts or items for sellwoodraw materials30s
- Q7What is the importance of Africa in mercantilism?Africa provided gold, other goods, and slavesAfrica provided many goodsAfrica gave up the Suez CanalAfrica offered spices30s
- Q8What is the middle passage?The forced journey of enslaved Africans from Africa to the Americasthe opportunity to work for money in the Americasimports to Europethe journey for an indentured servant to work for seven years before being free30s
- Q9What are tariffs?A free marketWhen a price is loweredWhen the price of a good stays the sameA tax placed on goods30s
- Q10What is favorable balance of trade?When other European nations place tariffs on colonies that don't belong to themWhen 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 nationsWhen African nations place tariffs on European nations30s