Question

Which best describes how European powers of the 16th century used the economic theory of mercantilism to grow their wealth?

European nations aimed to increase taxes on merchants, believing this would increase revenue and the nation’s wealth.

European nations minimized the sale of exports and banned tariffs that restricted their colonies from trading with foreign nations.

European nations maximized the sale of exports and established tariffs to restrict colonies from trading with foreign nations.

European nations aimed to decrease taxes for merchants, believing this would increase trade and spur the economy.

Answer 1

Which best describes how European powers of the 16th century used the economic theoryof mercantilism to grow their wealth? European nations aimed to increase taxes on merchants,believing this would increase revenue and the nation's wealth. European nations minimized the sale ofexports and ...

Answer 2

European nations maximized the sale of exports and established tariffs to restrict colonies from trading with foreign nations.

Step-by-step explanation:

Marcantilism is a ecnomic theory that basically aims to maximize the exports and controlling the imports, this was possible in the 16th century because the large european powers imported basic resources from their colonies that they would work into a finished product and then sell it back to other empires or other colonies, they did this by controlling the trading in their colonies and forcing other colonial powers to buy them finallized products, this created a trade surplus that they would accumulate in their monetary reserves.