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Mercantilism and International Trade Quiz

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Mercantilism and International Trade Quiz

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Questions and Answers

According to the theory of Mercantilism, why should a nation aim to have more exports than imports?

To weaken the nation's economy by overspending on imports.

To increase the profit made from international trade. (correct)

To decrease the revenue earned from international trade.

To maintain a trade balance between imports and exports.

In the context of Mercantilism, what is the primary purpose of colonies for a country?

To generate wealth that flows back to the mother country. (correct)

To promote cultural exchange between countries.

To enhance political power through territorial expansion.

To encourage fair trade practices with other nations.

How does Mercantilism suggest a nation can strengthen its economic position in international trade?

By allowing unrestricted flow of goods across borders.

By tightly controlling its trade activities and resources. (correct)

By encouraging free trade agreements with other nations.

By promoting equal distribution of wealth among colonies.

Which statement best describes the impact of having more exports than imports according to Mercantilism?

It leads to an accumulation of wealth for the nation. Signup and view all the answers

What is the main problem a country under Mercantilism would face if it consistently had more imports than exports?

A reduction in available funds for domestic investment. Signup and view all the answers

What is the main difference between collectivism and individualism?

Collectivism stresses collective goals over individual goals, while individualism emphasizes individual freedoms. Signup and view all the answers

What is a defining characteristic of democracy?

Government by the people, exercised either directly or through elected representatives Signup and view all the answers

Which type of totalitarianism is characterized by governance according to religious principles?

Theocratic totalitarianism Signup and view all the answers

How do social democrats aim to achieve their socialist goals compared to communists?

By working towards the same goals through democratic means Signup and view all the answers

What is a key feature of tribal totalitarianism?

Monopolization of power by a party representing a particular tribe Signup and view all the answers