Chapter 7 Vocabulary

Question 1

Mercantilism

Answer 1

Economic theory that closely linked a nation’s political and military power to its bullion reserves. Mercantilists generally favored protectionism and colonial acquisition as means to increase exports.

Question 2

Depreciated

Answer 2

To decrease in value, as in the decline of the purchasing power of money.

Question 3

Veto

Answer 3

The constitutional right of a ruler or executive to block legislation passed by another unit of government.

Question 4

Monopoly

Answer 4

The complete control of a product or sphere of economic activity by a single producer or business.

Question 5

Duty (duties)

Answer 5

A customs tax on the export or import of goods.

Question 6

Admiralty courts

Answer 6

In British law, special administration courts designed to try maritime cases without a jury.

Question 7

Virtual representation

Answer 7

The political theory that a class of persons is represented in a lawmaking body without a direct vote.

Question 8

Nonimportation agreements

Answer 8

Pledges to boycott, or decline to purchase, certain goods from abroad.

Question 9

Boycotts

Answer 9

An organized refusal to deal with some person or organization or to buy a certain product or service.

Question 10

Mulatto

Answer 10

A person of mixed African and European ancestry.

Question 11

Propaganda (propagandist)

Answer 11

A systematic program or particular materials designed to promote certain ideas; sometimes, but not always, the term is used negatively, implying the use of manipulative or deceptive means. (A propagandist is one who engages in such practices.)

Question 12

Inflation

Answer 12

An increase in the supply of currency relative to the goods available, leading to a decline in the purchasing power of money and a corresponding rise in prices.

Question 13

Patronage

Answer 13

A system in which benefits, including jobs, money, or protection, are granted in exchange for political support.