Question

Which was NOT a feature of mercantilism? Maximizing imports over exports Acquiring gold and silver Self-sufficiency Ownership of colonies

Answer 1

The correct answer is C) Self-sufficiency.

What was NOT a feature of mercantilism? was self-sufficiency.

During colonial times in North America, Great Britain adopted the mercantilism economic system from the 1500s to the 1700s. Britain and other European superpowers tried to accumulate richness because they thought that resources in the world were limited. So these nations tried to get more and more to maximize the exports and minimize the imports. That is why in the case of England, the monarchy was interested in exploiting the many raw materials found in the North America Territory.

Answer 2

The correct answer is: "self-suficiency"

Mercantilism is a manner of conducting foreign economic policy that spread among many Western European countries between the 16th and 18th centuries. It consisted of maximizing the amount of monetary reserves, held by each country in the form of precious metals (specially gold and silver) and, on the first hand, such objective required a positive trade balance of finished goods (exports > imports). Each country had to enhance its economic power by lowering that of its competitors.

This system enhanced the interest on owning colonies, where the Western economies could obtain cheap raw materials and use them to elaborate their products more efficiently and to make their exports more competitive.