Final answer:
Mercantilism best describes England's exploitation of its colonies for economic gain by using raw materials from colonies to make goods for trade, as stated in option B. It was an effort to amass wealth and maintain a favorable balance of trade.
Step-by-step explanation:
The practice of mercantilism is best described by option B) England exploiting smaller nations for raw goods to receive the profits. Mercantilism was an economic theory and practice where nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by establishing a favorable balance of trade.
It involved the colonies providing raw materials such as tobacco, furs, and timber to their respective mother countries, such as England, at lower prices. These materials were then used to manufacture goods, which were sold back to the colonies at higher prices, profiting the mother country.
This system was prevalent in the 16th and 17th centuries and led to the European nations, particularly England, establishing colonies to provide raw materials and serve as markets for finished goods. In this way, mercantilism was indeed a method of exploiting colonies for economic gain.
The Navigation Acts were a clear example of mercantile policy, as they regulated colonial trade to benefit England, ensuring that certain goods could only be shipped within the British Empire, leading to an increase in the nation's wealth.