LITERATURE QUESTIONS
THE VICTORIAN NOVEL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A profitable balance of trade, it was believed, would provide the wealth, but simultaneously shrink the empire, meaning fewer colonies.
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Textiles were going to be the product of the future, more important than crops.
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Trade was unimportant; the wealth of the nation should be kept within the nation’s borders.
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The mercantilists advocated in theory, and sought in practice, trade monopolies which would insure that Britain’s exports would exceed its imports.
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Detailed explanation-1: -Mercantilism was a popular economic philosophy in the 17th and 18th centuries. In this system, the British colonies were moneymakers for the mother country. The British put restrictions on how their colonies spent their money so that they could control their economies.
Detailed explanation-2: -Mercantilism: Definition Goods were sold by manufacturers in an imperial country to merchants. Merchants would then sell these goods in colonies at an inflated price. These goods were often associated with high tariffs. Mercantilism was used to obtain gold and silver to increase the mother country’s wealth.
Detailed explanation-3: -Mercantilism was a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices. Its goal was to increase the supply of a state’s gold and silver with exports rather than to deplete it through imports. It also sought to support domestic employment.
Detailed explanation-4: -The Navigation Acts were a series of laws passed by the British Parliament that imposed restrictions on colonial trade. British economic policy was based on mercantilism, which aimed to use the American colonies to bolster British state power and finances.