- 1. England's Treasure by Forraign Trade is a seminal work authored by Thomas Mun, published in the early 17th century, which lays the foundation for the modern understanding of mercantilism and international trade dynamics. Mun, an English merchant and economic theorist, argues that the wealth of a nation is primarily derived from its ability to export more than it imports, thereby accumulating precious metals like gold and silver. In his treatise, he intricately outlines the importance of establishing a favorable balance of trade and discusses strategies for enhancing a nation's commerce, such as fostering domestic industries, granting support to local manufacturers, and establishing colonies that can serve as both markets for goods and sources of raw materials. Mun emphasizes the role of trade not only in enhancing national wealth but also in securing the nation's power and influence in a competitive geopolitical landscape. His insights reflect the growing importance of trade networks during the Age of Exploration and the evolving nature of economic thought in early modern England, ultimately leaving a lasting legacy that would influence economic policy and theorists for centuries to come.
What is the primary focus of Thomas Mun's 'England's Treasure by Forraign Trade'?
A) Advocating for colonial expansion
B) Promoting a favorable balance of trade
C) Criticizing the monarchy's economic policies
D) Describing domestic manufacturing techniques
- 2. According to Mun, what is the most important means for England to increase its wealth?
A) Discovering new gold mines
B) Increasing domestic taxation
C) Conquering wealthy nations
D) Exporting more than it imports
- 3. Mun's work is primarily associated with which economic school of thought?
A) Keynesian economics
B) Classical economics
C) Mercantilism
D) Marxist economics
- 4. What does Mun say about the export of bullion?
A) It should always be prohibited
B) It should only be done in emergencies
C) It has no economic consequences
D) It can be beneficial if it leads to greater imports for re-export
- 5. What does Mun say about tariffs on imported manufactured goods?
A) They should only apply to luxury goods
B) They have no economic effect
C) They should be used to protect domestic industries
D) They should be eliminated entirely
- 6. What role does Mun assign to the merchant class?
A) Secondary to agricultural producers
B) Unnecessary middlemen who should be eliminated
C) Dangerous speculators who should be controlled
D) Key agents in increasing national wealth
- 7. According to Mun, how should England treat its colonies economically?
A) As independent trading partners
B) As military outposts only
C) As burdens to be minimized
D) As sources of raw materials and markets for manufactures
- 8. Mun's work was written during which century?
A) 18th century
B) 15th century
C) 17th century
D) 16th century
- 9. According to Mun, what is the relationship between population and wealth?
A) Population size is irrelevant to wealth
B) Small populations are wealthier
C) Population control is necessary for wealth
D) A large population can produce more goods for export
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