Supporters of Mercantilism

question 133

Multiple Choice

Supporters of mercantilism

• A) viewed accumulation of precious metals as an activity essential to a nation's welfare.
• B) viewed industrial development as the primary source of a nation's wealth.
• C) promoted trade policies that generally benefitted consumers and emerging industrialists.
• D) included prominent economists such as Adam Smith.
• E) fervently believed in free trade.

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Definitions:

Occupiers' Liability Act

Legislation that defines the duty of care owed by individuals or entities that control premises towards those who enter them.

Legal Duty

An obligation arising from law that requires an individual or entity to conform to a standard of conduct.

Prudent Person

An individual who exercises caution and good judgment when making decisions, often used as a standard for legal and financial decisions.

Misstatement

An error or inaccuracy in financial information or statements, which can be intentional (fraud) or unintentional.