Mercantilism

Question 1

What century was mercantilism?

Answer 1

16th - 18th century

Question 2

Mercantilism is encouraging ______ while restraining _________

Answer 2

encouraging exports while restraining imports

Question 3

its goal is to have a favorable balance of trade by bringing gold and silver -> domestic employment

Answer 3

Mercantilism

Question 4

Where is mercantilism still practiced?

Answer 4

Industrializing countries in the form of economic intervention

Question 5

this was the dominant social system in medieval europe in which the nobility held the lands from the crown in exchange for military service

Answer 5

Feudalism

Question 6

________ were tenants of the nobles

Answer 6

vassals

Question 7

This was the aftermath of the 15th century voyages of Christopher Columbus where new opportunities for trade with the New World and Asia opened

Answer 7

Mercantilism: Localism of the Middle Ages

Question 8

This advocated the use of the state’s military power to ensure that local markets and supply sources are protected

Answer 8

Mercantilism

Question 9

T OR F

International Trade in mercantilism believed that it could not benefit all countries at the same time

Answer 9

TRUE

Question 10

Results of mercantilism (hint 3)

Answer 10

Localism
Protectionism
Feudalism

Question 11

this supports local production and consumption of goods, local control of government, and promotion of local history

Answer 11

localism

Question 12

This is a way of structuring society around relationships derived from the holding of land in exchange for service or labor

Answer 12

Feudalism

Question 13

restricting imports through methods such as tariffs

Answer 13

Protectionism

Question 14

Viewed that money and precious metals were the only source of riches, thus tariffs were used to encourage exports

Answer 14

Bullionism

Question 15

English Lawyer, Social Philosopher, author, statesmanm and noted renaissance humanist.

Answer 15

Thomas More

Question 16

Thomas More published this which describes an ideal society where land is owned in common and there is universal education and religous tolerance

Answer 16

Utopia (1516)

Question 17

Utopia (1516) inspired the _______ (1587)

Answer 17

English Poor Laws

Question 18

Renaissance-era mathematician and astronomer who was first known for his argument for the Quantity Theory of Money (1517)

Answer 18

Nicolaus Copernicus

Question 19

This argument from Nicolaus Copernicus states that the general price level of goods and services is directly proportional to the amount of money in circulation

Answer 19

Quantity Theory of Money

Question 20

He also published the first known form of Gresham’s Law: “Bad money drives out good” in 1519

Answer 20

Nicolaus Copernicus

Question 21

This is a monetary principle stating that “bad money drives out good”.

For example, if there are two forms of commodity money in circulation, which have same face value, the more valuable commodity will gradually dissapear from circulation

Answer 21

Gresham’s Law

Question 22

He was a french jurist and political philosopher, member of the Parliament of Paris and professor of law in Toulouse

Answer 22

Jean Bodin

Question 23

He published Reply to Malestroit in 1568 containing the first known analysis of inflation, which he claimed was caused by importation of gold and silver from South America - backing quantity theory of money

Answer 23

Jean Bodin

Question 24

An economist born in Beausemblant, France that published Les Tresors et richesses pour mettre l’estat en spiendeur.

Answer 24

Barthelemy De Laffemas

Question 25

This blasted those who frowned on French silks because the industry created employment for the poor, the first known mention of underconsumption theory.

Answer 25

Les Tresors et richesses pour mettre l'estat en spiendeur

Question 26

In this theory, recessions and stagnation arise due to inadequate consumer demand relative to the amount produced. Means there is overpdocution and a demand crisis.

Answer 26

Underconsumption Theory

Question 27

This theory formed the basis for the development of Keynesian Economics and the theory of aggregate demand after the 1930's

Answer 27

Underconsumption Theory

Question 28

Flemish Jesuit Theologian that published On Justice and Law in 1605, which was the deepest moral-theological study of economics since Aquinas.

Answer 28

Leonardus Lessius

Question 29

This book claimed that the just price (of Aquinas) was no longer workable after comparing the money's growth via avarice to the propagation of hares.

Answer 29

On Justice and Law by Leonardus Lessius

Question 30

These two english merchants began a dispute over free trade and the desirablity of government regulation of companies

Answer 30

Edward Misselden and Gerard Malynes

Question 31

In the dispute Misselden vs Malynes, this person argued against foreign exchange as under control of bankers.

Answer 31

Malynes

Question 32

In the dispute Misselden vs Malynes, this person argued that international money exchange and fluctuation in the exchange rate depend upon international trade, and not bankers.

Answer 32

Misselden

Question 33

He was an english economist that published - Englands Treasyre by Foreign Trade (1664) & A Discource of Trade from England unto the East Indies (1621).

Answer 33

Thomas Mun

Question 34

Produced the Treatise on Taxes and Contribution (1662)

Answer 34

Sir William Petty

Question 35

It is a policy manual to increase royal revenues that was full of proposals for tax reform, trade policy, and the organization of a royal statistical agency - included the concept of economic "surplus" and the Labor Theory of Value

Answer 35

Treatise on Taxes and Contributions (1662)

Question 36

This theory states "How much English money this Corn or rent is worth?"

Answer 36

Labor Theory of Value

Question 37

Petty departs from other writers of the Mercantilist age, and viewed a _________ as the real resources of the country

Answer 37

nation's wealth

Question 38

Was an english natural law philosopher and an acquaintance of Francis Bacon that produced Leviathan (1651).

Answer 38

Thomas Hobbes

Question 39

Leviathan (1651) states that?

Answer 39

man is not naturally good but naturally a selfish hedonist

Question 40

Was an english philosopher and statesman (atty general and lord chancellor of england) that works developed the scientific method which remained influential through the scientific revolution

Answer 40

Francis Bacon

Question 41

He published Cameralist work, Austria above all (1684) that articulated the "Nine Principal Rules of National Economy) - neat summary of the 17th century mercantilism

Answer 41

Philipp Wilhelm Von Hornick

Question 42

T OR F In the Nine Principal Rules of National Economy, it advocates that we must not import anything that is availabe domestically

Answer 42

TRUE 9. Prohibit importation of any good available domestically

Question 43

T OR F In the Nine Principal Rules of National Economy, it states that if you must import, do not match that w/ exports rather than cash

Answer 43

FALSE 6. If you must import, match that w/ exports rather than cash

Question 44

He was a powerful controleur general under King Louise XIV of France from 1661 to 1683, and was an architect of the French Strain of Mercantilism known as Colbertism

Answer 44

Jean - Baptise Colbert

Question 45

French economist who was a precursor of the physiocrats and an advocate of economic and fiscal reforms for frnace, and opposed the economc policy of jean baptise. Advocated of keeping agricultural prices at a low level in the hope that low wage goods would be an incentive to industry

Answer 45

Pierre Le Pesant

Question 46

This was a belief that national wealth was dependent on the prosperity of agriculture

Answer 46

Physiocracy

Question 47

Father of Liberalism (each person owns himself and should have certain liberties)

Answer 47

John Locke

Question 48

believed that governments should not regulate interest rate because interest is a price and prices are determined by the laws of nature

Answer 48

John Locke

Question 49

The value of Money is inversely related to the quantity of money in circulation

Answer 49

Quantity theory of Money

Question 50

English Merchant, politician and econoist, writer on free trade

Answer 50

Dudley North

Question 51

believed that wealth may exist independently of gold or silver, its source being human industry applied either to the cultivation of the soil or to manufacturers

Answer 51

Dudley North