Which of the following concepts was the basis of mercantilism?
A) The government should attempt to maintain tight regulations and laws to create a favorable balance of trade.
B) A hands-off approach to colonial development would lead to economic growth favorable to Britain as well.
C) Encouraging colonists to trade among themselves and avoid shipping goods to Britain and Europe would produce the best economic outcomes.
D) Close relations between British merchants and Native Americans would avoid future conflicts and violence.
E) Close economic ties to Spain would weaken the French presence in North America and thereby result in Britain's dominance.

Question

Quizplus · Accepted Answer

Mercantilism is the economic theory and practice that emphasizes maximizing a nation's wealth through the regulation of trade. The government's role is to maintain tight regulations and laws to create a favorable balance of trade, meaning that a country should export more than it imports. This concept was the basis of mercantilism.

Which of the Following Concepts Was the Basis of Mercantilism