Question

mercantilism is best described by which of the following statements
A: an early for of capitalism
B: an example of a command economy
C: an example of free market economy


in capitalism supply and demand should accomplish which of the following

A: allow supply to exceed demand
B: allow demand to exceed supply
C: have enough tension between the two to create the need for both

which of the following is true about capitalism
A: it was written about by Aristole and Plato
B: it was first described by Adam Smith
C: It is the economy system favored by fascist regime

Answer 1

From http://education-portal.com/academy/lesson/the-commercial-revolution-economic-impact-of-exploration-and-colonization-on-europe.html

Mercantilism

If we all had textbooks, this is where I'd tell you to turn to Chapter 1, entitled Mercantilism. Mercantilism is an economic system used to unify and increase the power and monetary wealth of a country by strict government regulation of trade and foreign trading monopolies. Under this system, colonies existed merely for the benefit of their mother country. Like a young girl forced to fork over her babysitting money to her parents, all wealth accumulated by a colony went to its European parent.

Also under mercantilism, colonies were only allowed to import from or export to the European country that governed them. For instance, if Jamestown, governed by England, wanted to import wool from the Dutch, they could not. Even if the Dutch price was substantially cheaper, Jamestown was stuck buying wool from England. Further hamstringing the Jamestown colonists, all the goods produced by the colonies went to England. England then sold the goods to other countries at a substantial markup, which the crown, not the colonists, kept! In other words, the colonies did the work, while England reaped the profit.

Again, it's like a poor kid squeezing fresh lemons for eight hours, only to have her parents commandeer the lemonade stand! For those of us growing up in the American school system, this ill-treatment of the colonists is a familiar tale. However, we weren't told how the system of mercantilism transformed Europe.

Answer 2

thanks e.mccormick

Answer 3

np. Don't have solid references on the others...

Answer 4

in a simple form,
1. B.
2. C.
3. B