Theory of mercantilism
Explain what was the theory of mercantilism?
Expert
Mercantilism was the economic philosophy underlying English colonial policy. The objective of mercantilism was to increase the wealth of the Mother County (Great Britain) in silver and gold. To accomplish that goal, a satisfactory balance of trade was desired. Which means that a nation would sell more than it would purchase, thus making extra in the capital. The philosophy name points out the importance of merchants in this policy. Merchants would sell the products to foreign countries and purchased items to be sold within the country. Gatherings played a vital role in mercantilism. A colony would provide the required raw materials to the industries of England and the colonists would be a source of income to the nation because they would buy the finished products and supplies they desired to grow, from the Mother Country. The ideal was to become self-sufficient. The nation would give everything to its people according to its need and buy nothing from foreign countries. As the ideal could not be accomplished in the real world of economics, the purpose of mercantilism was to reduce imports that cost money and maximize exports and the trade that brought money in the nation.
I have problem in this question based on law of demand. Provide me correct answer of this. Described the circumstances in which the "general law of demand" not hold?
The price taker in labor market: (1) Can set the salary that it will pay for the labor it hires. (2) Can set the salary at which it supplies the use of its labor. (3) Doesn’t care what salary it pays or obtains. (4) Can’t influence the wage recognized by t
Monopolists are more probable to generate economic profits within the long run than are pure competitors since: (w) monopolists are crooks. (x) monopolists are more interested in profits. (y) barriers prevent entry by new firms in a m
Decreased market demand for generic bricks would result in a(n) ___________ in the price of bricks and a(n) ___________ in this brickyard’s profit-maximizing output. (w) increase; decrease. (x) increase; increase. (y) decrease;
If $4 is Firm B's profit-maximizing price, its: A) ATC must be $4. B) MC must be $4. C) MR must be $4. D) MC must be zero. Help me to get
I have a problem in economics on Supply of Labor: Income and Substitution Effects. Please help me in the following question. When the income effect of higher wage rate is more influential than the substitution effect, then: (1) The supply curve of labor is positively
Monsieur Cournot has a monopoly on an artesian well from that flows tasty spring water along with medicinal properties. To ignore variable costs, he insists which customers bring their own pails as well as fill them personally. When C
A firm may temporarily lower prices as well as earn negative profits in trying to: (w) drive rivals out of business. (x) find rivals to lower prices. (y) maximize current profit. (z) A rational firm would not do this. Q : Guidelines for Estimating Times and Guidelines for Estimating Times and Costs: Determine responsibilities. Use many people to estimate. Base estimates on general conditions. Select time units, and be consistent in their use. Indepen
Guidelines for Estimating Times and Costs: Determine responsibilities. Use many people to estimate. Base estimates on general conditions. Select time units, and be consistent in their use. Indepen
Whenever decision makers select not to pursue further information as the expected reward for the searching for it does not surpass its expected cost, the outcome is: (1) Adverse choice. (2) Consumer exploitation. (3) Unintended effects. (4) Asymmetric information. (5)
18,76,764
1935466 Asked
3,689
Active Tutors
1418421
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!