Advocates of "Mercantilism" Argued for All of the Following EXCEPT

question 42

Multiple Choice

Advocates of "mercantilism" argued for all of the following EXCEPT that

• A) governments should abstain from any involvement in the economy.
• B) a nation prosperity depended upon a plentiful supply of bullion (gold and silver).
• C) exports must exceed imports.
• D) tariffs should be place on foreign goods.
• E) governments should improve transportation facilities and grant trade monopolies to businesses.

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Definitions:

Income Summary

An account used in the closing process to combine all income and expense accounts and show the period's net income or loss.

Perpetual Inventory System

An accounting method that records purchases and sales of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Delivery Expense

This refers to the costs associated with transporting goods from one place to another, including shipping fees, freight, and packaging costs.

Contra Revenue Accounts

Accounts that are used to record reductions in revenue, such as sales returns, allowances, and discounts.