England's Treasure By Forraign Trade by Thomas Mun - Quiz
- 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) Criticizing the monarchy's economic policies
C) Promoting a favorable balance of trade
D) Describing domestic manufacturing techniques
- 2. According to Mun, what is the most important means for England to increase its wealth?
A) Conquering wealthy nations
B) Increasing domestic taxation
C) Exporting more than it imports
D) Discovering new gold mines
- 3. Mun's work is primarily associated with which economic school of thought?
A) Marxist economics
B) Mercantilism
C) Keynesian economics
D) Classical economics
- 4. What does Mun say about the export of bullion?
A) It should only be done in emergencies
B) It can be beneficial if it leads to greater imports for re-export
C) It should always be prohibited
D) It has no economic consequences
- 5. What does Mun say about tariffs on imported manufactured goods?
A) They have no economic effect
B) They should be eliminated entirely
C) They should be used to protect domestic industries
D) They should only apply to luxury goods
- 6. What role does Mun assign to the merchant class?
A) Secondary to agricultural producers
B) Unnecessary middlemen who should be eliminated
C) Key agents in increasing national wealth
D) Dangerous speculators who should be controlled
- 7. According to Mun, how should England treat its colonies economically?
A) As burdens to be minimized
B) As sources of raw materials and markets for manufactures
C) As military outposts only
D) As independent trading partners
- 8. Mun's work was written during which century?
A) 18th century
B) 15th century
C) 16th century
D) 17th century
- 9. According to Mun, what is the relationship between population and wealth?
A) Population size is irrelevant to wealth
B) Population control is necessary for wealth
C) A large population can produce more goods for export
D) Small populations are wealthier
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