Which Statement About Eighteenth Century Global Trade Is FALSE

question 10

Multiple Choice

Which statement about eighteenth century global trade is FALSE?

• A) Gold and silver were shipped to America by Spain.
• B) Indian and Chinese products were purchased by the English, Dutch, and French.
• C) American plantation products were purchased by the nations of Europe.
• D) English manufactured goods were traded for African slaves, who were sold in Virginia for tobacco, which was then processed in England and sold for cash in Germany.
• E) Overseas trade boomed.

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Definitions:

Excise Tax

A tax levied on the manufacture, sale, or consumption of specific goods within a country, such as alcohol, tobacco, and gasoline.

Demand Curves

Graphs that depict the relationship between the price of a product and the quantity of the product that consumers are willing to purchase at that price.

Supply Curves

Graphical representations that show the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale.

Equilibrium Quantity

The quantity of goods or services that is supplied equals the quantity demanded at the market equilibrium price, at which point there is no tendency for the market price to change.