Answer the Following Questions

question 10

Multiple Choice

Answer the following questions:
-economic liberalism

• A)The movement to fence in fields in order to farm more effectively, at the expense of poor peasants who relied on common fields for farming and pasture.
• B)A stage of industrial development in which rural workers used hand tools in their homes to manufacture goods on a large scale for sale in a market.
• C)The shift that occurred as families in northwestern Europe focused on earning wages instead of producing goods for household consumption; this reduced their economic self-sufficiency but increased their ability to purchase consumer goods.
• D)The forced migration of Africans across the Atlantic for slave labor on plantations and in other industries; the trade reached its peak in the eighteenth century and ultimately involved almost 12 million Africans.
• E)The eighteenth-century system of rural industry in which a merchant loaned raw materials to cottage workers, who processed them and returned the finished products to the merchant.
• F)A form of serfdom that allowed a planter or rancher to keep his workers or slaves in perpetual debt bondage by periodically advancing food, shelter, and a little money.
• G)A belief in free trade and competition based on Adam Smith's argument that "the invisible hand" of free competition would benefit all individuals, rich and poor.
• H)A series of English laws that controlled the import of goods to Britain and British colonies.
• I)The transformation of large numbers of small peasant farmers into landless rural wage earners.
• J)The treaty that ended the Seven Years' War in Europe and the colonies in 1763 and ratified British victory on all colonial fronts.
• K)The organization of artisanal production into trade-based associations, or guilds, each of which received a monopoly over its trade and the right to train apprentices and hire workers.

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Definitions:

Monopolistic Competition

A market structure in which many companies sell products that are similar but not identical, allowing for competition based on price, quality, and innovation.

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for significant differentiation and competition on factors other than price.

Pricing Power

The ability of a company or entity to control or influence the price of its products or services in the market.