Henry VII Economy

Question 1

What are Bonds and Recognisances?

Answer 1

A legal bond to perform an action or forfeit money and a formal acknowledgement of dept or obligation.

Question 2

What were the Acts of Attainder?

Answer 2

Declares a landowner guilty of rebelling against the Monarch; the noble attained would lose their title, land and sometimes their life. Their heirs were also disinherited.

Question 3

What was the Council Learned?

Answer 3

A system to ensure the King raised money and enforced his prerogative rights.

Question 4

What was Extraordinary Revenue?

Answer 4

Money raised through one off payments, usually for emergencies.

Question 5

What was Tonnage and Poundage?

Answer 5

The right to raise revenue for the whole reign from imports and exports.

Question 6

What was a Pension?

Answer 6

A payment made from a foreign country.

Question 7

What is an Embargo?

Answer 7

A ban on trade for a specific amount of time to punish a country for something.

Question 8

What was Intercursus Magnus?

Answer 8

A Major treaty that restored trade and put the end to the embargo between England and Burgundy

Question 9

What was Intercursus Malus?

Answer 9

An attempt to further English trade interests with Burgundy, never passed

Question 10

What are Tariffs?

Answer 10

A tax that has to be paid when exporting products.

Question 11

What are Tariffs?

Answer 11

A tax that has to be paid when exporting products.

Question 12

What were real wages?

Answer 12

What someone’s income is worth in relation to the price of goods

Question 13

What was the Open Field System?

Answer 13

A system of landed estates that rented strips of land to tenants to farm.

Question 14

Who were the Merchant Adventurers?

Answer 14

A trade organisation that dominated the cloth exports from England.

Question 15

Who were the Hanseatic League?

Answer 15

A commercial union that controlled trade in the Baltic Sea.

Question 16

What was the Navigation Act?

Answer 16

Encouraged English ships to be used to transport to and from English Ports

Question 17

What percentage of trade was Cloth in English exports?

Answer 17

90%

Question 18

What percentage did the export of cloth grow by under Henry VII?

Answer 18

60%

Question 19

What were the positives from Bonds and Recognisances?

Answer 19

It helps Henry control the Nobility

Question 20

What were the negatives from Bonds and Recognisances?

Answer 20

It may anger the Nobility causing them to try and gain support for an uprising against Henry

Question 21

What were the positives from the Acts of Attainder?

Answer 21

Helped keep the country in line as he could use the Acts of attainder as a punishment.

Question 22

What were the negatives from the Acts of Attainder?

Answer 22

It may anger the people possibly leading to a rebellion.

Question 23

What were the positives of the Council Learned?

Answer 23

It gained revenue for Henry, it also enforced prerogative rights for Henry.

Question 24

What were the negatives of the Council Learned?

Answer 24

Led to people disliking Henry as they would lose money to the Monarch

Question 25

What were the positives of Extraordinary revenue?

Answer 25

Easy method for Henry to acquire money to enforce his policies

Question 26

What were the negatives of Extraordinary revenue?

Answer 26

Not a sustainable way of gathering funds, may anger the people.

Question 27

What were the positives of Tonnage and Poundage?

Answer 27

Brings in revenue, encourages trade and has parliaments support.

Question 28

What were the positives of Pensions?

Answer 28

Good for the economy as he is receiving money from foreign nations so he can further establish his dynasty.

Question 29

What were the negatives of Embargos?

Answer 29

Cuts off trade links temporarily so they had to look elsewhere to keep trade alive and revenue coming into the country.

Question 30

What were the positives of Intercursus Magnus?

Answer 30

Good for the economy as the embargo had been lifted and trade was restored with Burgundy.

Question 31

What were the positives of tariffs?

Answer 31

Tariffs could be lowered with an alliance making alliances and peace more economically sustainable for countries.

Question 32

What were the negatives of tariffs?

Answer 32

Henry would not be able to keep all revenue from his exports as tariffs were a ‘tax’ on trade exports.

Question 33

What were the positives of Real wages increasing?

Answer 33

It made for a happier population, making it easier for Henry to govern and gain the favour of.

Question 34

What were the positives of the Open Field System?

Answer 34

It gave the peasants a form of income as they could export the goods they they grow. It was also good for the Estate owners as they also had a form of revenue from their tenants renting the land

Question 35

What were the negatives of the Open Field System?

Answer 35

Dragged people away from working in industrial towns, this meant that the wool and cloth production decreased.

Question 36

What were the positives of the Merchant Adventurers?

Answer 36

Provided a strong outlet for English trade which will have boosted the economy with their large role in the export of cloth.

Question 37

What were the positives of the Hanseatic League?

Answer 37

They could assist in the trade coming from England. Henry also reaffirmed them to further increase relations with them.

Question 38

What were the negatives of the Hanseatic League?

Answer 38

They controlled a large part of the seas so they could monopolise English trade.

Question 39

What were the positives of the Navigation act?

Answer 39

It encouraged English trade as their ships were being used largely, boosting the economy for England

Question 40

What were the positives of the Navigation act?

Answer 40

It encouraged English trade as their ships were being used largely, boosting the economy for England