As the Most Dominant Power of the Time,England Initially Enforced

question 48

Multiple Choice

As the most dominant power of the time,England initially enforced an economic policy of

• A)mercantilism.
• B)free trade.
• C)high tariffs.
• D)reciprocal trade treaties.
• E)low tariffs.

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Definitions:

Opportunity Cost

The price paid for not selecting the next most favorable alternative during decision-making.

Attending College

Attending College refers to the act of enrolling in and attending an institution of higher education in pursuit of a degree or certificate.

Most Valued Opportunity

Refers to the highest ranked alternative forfeited when a particular decision is made, also known as the opportunity cost.

Opportunity Cost

The cost of foregone alternatives, representing the benefits that could have been received by choosing the next best alternative.