City upon a Hill pg.54

Question 1

A scottish pulisher and _____ who wrote t

the __________. He is considered the father of modern economic

Answer 1

Adam Smith

1. economist
2. wealth of nations

Question 2

An economy ___ that emphasized the importance of ______ gold and Silver to the ______ of a nation. Mecantilists regulated the _____ by encouraging _____ and restricting _____

Answer 2

Mecantilism

1. theory
2. stockpiling
3. exports
4. imports

Question 3

An economic system in which ______of recources is heavily controlled by _____instead if _______

Answer 3

Command system

1. allocation
2. government
3. free market taxes

Question 4

Economic regulations passed by ___ to enforce _____ in the colonies. All trade had to go through _____ or colonial merchants and be shipped in brittish or colonial ships with the end goal to generate large exports from england, with few ____ so that gold and silver would flow into the motherland

Answer 4

Navigation Acts 
1. brittish
2. trade regulations 
3 brittish 
4. imports

Question 5

The philosophy of a free market economy is which the government serves only to create an acceptable environment in which to make ______

Answer 5

Capitalism

1. exchanges

Question 6

A book written by scottish economists ______ that critisized _____ and proposed a ______ in which the _____ determined parties.

Answer 6

The wealth of Nations

1. Adam smith
2. mercantilism
3. free market economy
4. “invisible land”