Effects of Exploration

Question 1

The steady rise in the price of goods is called:

Accepted Answer

inflation

Question 2

Economic theory which states that power is based upon wealth & that countries must take colonies to get a larger share.

Accepted Answer

mercantilism

Question 3

The economic system based upon private ownership & investment of resources for profit is called:

Accepted Answer

capitalism

Question 4

In mercantilism, a favorable balance of trade results when the value of the goods sold by a country is _____ than the

Accepted Answer

more than

Question 5

Most European joint stock companies of the 15-1600’s were founded to

Accepted Answer

create colonies

Question 6

A business venture that involved a number of people combining their wealth for a common purpose was called:

Accepted Answer

joint stock company

Question 7

By selling (or exporting) more goods than it buys (or imports), a country establishes this:

Accepted Answer

favorable balance of trade

Question 8

Potatoes, Corn and Tomatoes

Accepted Answer

New plants that were brought from the New World to the Old World

Question 9

The global transfer of foods, plants, animals and diseases during the colonization of the Americas was called:

Accepted Answer

Columbian Exchange

Question 10

Which of the following benefitted MOST from the Age of Exploration:

Accepted Answer

Northern Europeans

Question 11

Rice, wheat, barley, bananas, coffee and sugar:

Accepted Answer

New plants that were brought from the Old World to the New World

Questions 11