The First Navigation Law of 1650 Required That

question 18

Multiple Choice

The first Navigation Law of 1650 required that

• A) the colonists transfer most of their profits from trade to Britain.
• B) all commerce to and from the colonies be carried in British ships.
• C) foster a colonial economy that would offer healthy competition with Britain's.
• D) only specified agricultural products be grown in the colonies.
• E) ship traffic on the Atlantic follow specified routes.

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Definitions:

Dominates

A condition or situation where one option is better than another in all aspects or circumstances.

Pure Monopoly

An economic situation where only one supplier dominates the entire market offering for a specific commodity or service, with no nearly identical alternatives available.

Price Maker

A firm with the power to influence the price at which it sells its product, typically because it does not face significant competition.

Purely Monopolistic

A market structure where a single supplier has exclusive control over the production and sale of a unique product without close substitutes, leading to significant market power.