HISTORY
NEW GLOBAL CONNECTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Colonies sent raw materials to the parent country and bought the parent country’s manufactured goods.
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Colonies sent manufactured goods to the parent country and bought the parent country’s raw materials.
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Colonies sent immigrants and cultural items to the parent country.
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Parent countries sent industry and profits to the colonies.
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Detailed explanation-1: -The mother country imported raw materials from these colonies at cheaper rates. And then it exported manufactured products to them. This export trading was carried out in gold, silver, or other metal currencies, which added to the national wealth.
Detailed explanation-2: -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-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: -This school argues that rent-seeking merchants and governments developed and enforced mercantilist policies. Merchants benefited greatly from the enforced monopolies, bans on foreign competition, and poverty of the workers. Governments benefited from the high tariffs and payments from the merchants.
Detailed explanation-5: -The colonies would produce and sell raw materials to the mother country. The mother country would make manufactured goods out of the raw materials and sell them back to the colonies for a profit.