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1. 
Why did people become merchants during the Age of Exploration?
A.
The feudal system created a merchant class to serve the military.
B.
The manor system ran out of resources to make goods.
C.
They could make money buying and selling luxury goods.
D.
Trade restrictions cut off the supply of goods to villages.
2. 
Who formed a market economy during the Age of Exploration?
A.
Merchants in Europe and the colonies.
B.
Wealthy landlords.
C.
European governments.
D.
Small farmers in Europe.
3. 
Why did the middle class begin to demand an economic system other than mercantilism?
A.
Mercantilism gave merchants too much control over the economy.
B.
Mercantilism did not let merchants control business and trade.
C.
They lost all their ships to wealthy landlords because of mercantilism.
D.
Mercantilist leaders were found to be frauds.
4. 
What led to the development of the capitalist system?
A.
socialism and communism.
B.
mercantilist trade.
C.
the middle class and absolute monarchies.
D.
Steel technologies and accounting.
5. 
What is the government’s role in capitalism?
A.
The government controls manufacturing and banks.
B.
The government decides what will be produced.
C.
People do not own their own property.
D.
The government lets entrepreneurs control production and prices.
6. 
Buying and selling of luxury goods during the Age of Exploration led to the development of a:
A.
policy of isolationism among European countries.
B.
class of wealthy merchants.
C.
unified European currency like the Euro.
D.
pact of economic cooperation among European nations.
7. 
Merchants formed a market economy by:
A.
joining together in large inter-oceanic trade guilds.
B.
taxing the mother countries at every port along their trade routes.
C.
buying goods where there was good supply, and selling where there was high demand.
D.
demanding regular wages from the kings and queens they sailed for.
8. 
Mercantilism was rejected by the merchant middle class because merchants:
A.
wanted to return to the protections of the feudal economic system.
B.
were afraid of competition with foreign nations including China and Japan.
C.
resented the large labor guilds in mainland Europe.
D.
wanted to have more control over their own goods and prices.
9. 
The trade that was created by mercantilism eventually led to:
A.
an international crisis of crowded sea-lanes.
B.
a demand for laissez-faire capitalism.
C.
the unification of European nations' currencies.
D.
the collapse of Asian and African economies.
10. 
The government's role in a capitalist economy is to:
A.
regulate international trade to favor the home country.
B.
allow free trade of private property with prices set by supply and demand.
C.
set price supports to make luxury goods more affordable for low-income citizens.
D.
enact protectionist measures to discourage forien competition.