What Was the Economic Philosophy Called That Assumed That the World's

question 28

Multiple Choice

What was the economic philosophy called that assumed that the world's wealth was fixed and one country could only increase its wealth at the expense of another?

• A) capitalism
• B) absolutism
• C) monetarism
• D) mercantilism

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Definitions:

Employment Relationship

The legal and social connection between an employer and employee, defined by rights, obligations, and expectations.

Critical Industrial Relations

An analytical approach that critically examines the power dynamics, conflicts, and institutional structures within labor markets and workplaces.

Class Divisions

Class divisions refer to the social and economic distinctions between groups in society, often based on wealth, occupation, and access to resources, leading to differing social statuses and opportunities.

U.S. Unions

Labor organizations in the United States that represent the collective interests of workers in negotiations with employers over workplace issues.