Which of the Following Was Not an Element in Eighteenth-Century

question 76

Multiple Choice

Which of the following was not an element in eighteenth-century global trade?

• 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:

Equilibrium Quantity

The quantity of goods supplied that is exactly equal to the quantity of goods demanded at the market equilibrium price.

Invisible Hand Principle

Adam Smith's concept that self-interested behaviors in a free-market economy lead to economic benefits for all.

Competitive Markets

Markets characterized by a high level of competition where no single buyer or seller can influence prices significantly, leading to efficient distribution of resources.

General Welfare

General welfare refers to the overall health, prosperity, and happiness of a population.