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6. Which statement BEST describes the theory of mercantilism?(1 point)

Responses

There is a limited amount of wealth in the world.
There is a limited amount of wealth in the world.

Competition leads to efficiency.
Competition leads to efficiency.

People work mainly for selfish reasons
People work mainly for selfish reasons

Self-determination is the right of all people
Self-determination is the right of all people
Question 2
7. Globally what happened to economic systems after 1450?(1 point)
Responses

Capitalism was replaced by mercantilism as the world’s most common economic system
Capitalism was replaced by mercantilism as the world’s most common economic system

Indentured servitude was replaced by capitalism as the world’s most common economic system
Indentured servitude was replaced by capitalism as the world’s most common economic system

Highland Clearances were replaced by mercantilism as the world’s most common economic system
Highland Clearances were replaced by mercantilism as the world’s most common economic system

Mercantilism was replaced by capitalism as the world’s most common economic system
Mercantilism was replaced by capitalism as the world’s most common economic system
Question 3
8. Match the economic theory, basic principles, famous works to Adam Smith or Karl Marx. (6 points)
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Adam Smith Karl Marx

1 answer

Question 6: The statement that BEST describes the theory of mercantilism is:
"There is a limited amount of wealth in the world."
Mercantilism is based on the idea that a nation's strength depends on its wealth, which is finite.

Question 7: Globally, what happened to economic systems after 1450?
"Mercantilism was replaced by capitalism as the world’s most common economic system."
As the 18th and 19th centuries progressed, mercantilism began to decline, and capitalism emerged as the dominant economic system.

Question 8: Match the economic theory, basic principles, famous works to Adam Smith or Karl Marx.

  • Adam Smith:

    • Economic theory: Capitalism
    • Basic principles: Invisible hand, free markets, benefits of competition
    • Famous works: "The Wealth of Nations"

  • Karl Marx:

    • Economic theory: Communism
    • Basic principles: Class struggle, means of production, critique of capitalism
    • Famous works: "The Communist Manifesto," "Das Kapital"

Please fill in the blanks by matching these to Adam Smith and Karl Marx respectively.