Question

Which of these statements would be supported by a country practicing mercantilism? Select all that apply.

Colonies should manufacture goods to send back to the mother country.
A country should export more goods than it imports.
A country should try to gain as much gold and silver as possible.
Colonists should be free to trade with any merchant who can give them the best price.
Countries need colonies to supply raw materials for industry.

Answer 1

mercantilism, nations measure their wealth by the amount of gold they possess. Importing more goods than a nation exports causes wealth, predominantly gold and silver, to flow out of the country. By having overseas colonies, nations had access to a wealth of various raw materials. Instead of importing raw materials from other nations, which takes gold and silver wealth out of a country, having raw materials available allowed countries to create goods, which they could export and acquire wealth. Also, by not relying on other nations, they could become self sufficient which is the ultimate goal of mercantilism. As nations rushed to colonize and acquire the limited quantities of precious metals in the world, war emerged on the horizon as an inevitable.

Answer 2

In the theory known as mercantilism, nations measure their wealth by the amount of gold. Importing more goods than one nation exports results that wealth, mainly gold and silver, is exiting the country. Overseas colonies are nations access to wealth and raw materials. Instead of importing raw materials from other nations, having raw materials available made it possible for countries to create their own goods, which they could export and accumulate wealth. Also, by not relying on other nations, they become self sufficient which is the ultimate goal of mercantilism. During a large period of history, colonial forces of Europe were faughting wars for colonies.