3. Which of the following are true about the system of mercantilism?
A. It maintains a favorable balance of trade
B. The colony produces materials that the mother country cannot produce
C. The prosperity of the country as a whole is more important than the wealthy of individuals
D. All of the Above
I think the answer is D is it correct?
I agree with you.
Thanks :)
Yes, the correct answer is D. All of the statements A, B, and C are true about the system of mercantilism.
A. Mercantilism aims to maintain a favorable balance of trade, meaning that a country should export more goods than it imports in order to accumulate wealth.
B. In the system of mercantilism, colonies were expected to produce raw materials that the mother country could not produce on its own, thus strengthening the economic relationship between the two.
C. Mercantilism emphasizes the overall prosperity and economic well-being of the country as a whole, rather than focusing on the wealth of individuals.
To determine if Option D is correct, let's analyze each statement individually:
A. It maintains a favorable balance of trade:
Mercantilism indeed focused on maintaining a favorable balance of trade. This meant that a country aimed to export more goods than it imported, which allowed it to accumulate wealth and resources. So, Option A is true.
B. The colony produces materials that the mother country cannot produce:
In the system of mercantilism, colonies were seen as a means of obtaining valuable resources that the mother country lacked. The colony's purpose was to produce raw materials and goods that the mother country couldn't produce on its own. Therefore, Option B is also true.
C. The prosperity of the country as a whole is more important than the wealth of individuals:
Mercantilism emphasized the importance of overall national economic prosperity over individual wealth. The focus was on amassing wealth and power for the nation as a whole rather than promoting the well-being of individuals. Thus, Option C is also true.
Since all three statements (Options A, B, and C) are true, the correct answer is indeed D, "All of the Above."