Of the Following Statements About Mercantilism,which Is NOT True

question 57

Multiple Choice

Of the following statements about mercantilism,which is NOT true?

• A) It was practiced as Europe emerged from the feudal systems of the Middle Ages and moved toward nationalism
• B) Mercantilists believed that for a nation to become wealthy,that nation must export as much as possible and,in turn,import as little as possible.
• C) During the time it was practiced,wealth was largely determined by the amount of land one had access to.
• D) Mercantilists did not want,or care,to see the big picture.
• E) Mercantilists encouraged their people to produce large families.

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Definitions:

Financial Reporting

Generating financial statements that provide insight into an organization's economic status to its overseers, stakeholders, and governmental authorities.

Accounting Period

A specific duration of time used for financial reporting, usually a fiscal year or quarter.

Comprehensive Income

The overall adjustment in equity during a reporting period, apart from dealings with owners, incorporating every unrealized gain and loss.

Conceptual Framework

A system of ideas and objectives that guide the development, preparation, and interpretation of financial reporting and accounting standards.