The Navigation Act of 1651

question 56

Multiple Choice

The Navigation Act of 1651:

• A) was contrary to mercantilist principles
• B) required all goods imported into Britain or the colonies to be shipped in British vessels
• C) was mainly an attempt to wrest the colonial trade from the French
• D) was a free trade agreement between England and Holland
• E) was repealed once Cromwell came to power

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Definitions:

Returns To Scale

The rate at which output increases as inputs are increased proportionally in the production process.

Input

Resources, materials, or data entered into a system for processing or production.

Production Function

A mathematical representation of the relationship between inputs (such as labor and capital) and the maximum amount of output that can be produced from those inputs.

Factors Of Production

The inputs or resources that are used in the production of goods and services, traditionally categorized as land, labor, capital, and entrepreneurship.