Questions and Answers
According to the text, what was the main measure of a country's wealth in Mercantilism?
Gold and silver
What did Mercantilists believe about exports and imports?
Exports are good and imports are bad
What is a key flaw in Mercantilism?
Zero-sum game
What is the principle behind Absolute advantage?
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According to the text, what is the potential gain in efficiency that Mercantilists failed to recognize?
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What is the main measure of a country's wealth in Mercantilism?
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What is a key flaw in Mercantilism?
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What is the principle behind Absolute advantage?
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What did Mercantilists believe about exports and imports?
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What is the potential gain in efficiency that Mercantilists failed to recognize?
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