20 Questions
Which country enjoyed the greatest benefits of mercantilism between 1640 and 1660?
Great Britain
What was the main goal of mercantilism?
To increase a nation's wealth through exports
What were the Acts of Trade and Navigation?
Laws designed to make American colonies more dependent on manufactured products from Great Britain
Which country monopolized the slave trade and transported slaves from English ports to America?
Britain
What economic policy did Britain use to secure its interests in the New World?
Mercantilism
What did Britain ship back to England from the colonies?
Raw materials
What led to the American Revolution?
Heavy taxation
Which goods could only be sold to British merchants according to British authorities during this time?
Sugar, tobacco, cotton, indigo, furs, and iron
Who argued that free trade promotes a flourishing economy rather than mercantilism?
Adam Smith
Which company was given a monopoly in the trade of slaves by the British in the 1660s?
Royal Adventurers Trading to Africa
According to Adam Smith, why did he find the institution of slavery morally abhorrent?
Because it robbed enslaved persons of their liberty
How did Adam Smith view slavery in terms of its economic impact?
He believed it was detrimental to prosperity
What did Adam Smith consider slavery to be in relation to the mercantilist state?
A continuation of the mercantilist system
According to Adam Smith, what did he believe was the basis of slavery and European colonialism?
The luck or fortune of European civilization
According to Adam Smith, why did he believe free labor was more economically efficient than slavery?
Free labor had more incentives to maximize output
According to Adam Smith, what was the effect of monopoly on wages and capital?
Monopoly decreased wages and capital
According to Adam Smith, what was the effect of a monopoly on capital accumulation in the colony trade?
It would decrease the marginal return on capital
According to Smith, how did the monopoly in the colony trade impact the improvement of land?
It hindered the improvement of land
According to Smith, how did the monopoly in the colony trade affect the rent of land?
It decreased the rent of land
According to Smith, what impact did the monopoly in the colony trade have on the market rate of interest?
It increased the market rate of interest
Test your knowledge on mercantilism and the colonies of Great Britain with this quiz by Leslie Kramer. Explore the economic policy that aimed to increase wealth through exports and learn about the period when Britain's colonies supplied raw materials. Challenge yourself and become an expert on this important era in British history.
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