Terms Chapter 7

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

Veto

Answer 2

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

Question 3

Monopoly

Answer 3

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

Question 4

Duty (duties)

Answer 4

A customs tax on the export or import of goods.

Question 5

Boycott(s)

Answer 5

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

Question 6

Propaganda

Answer 6

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.

Question 7

Inflation

Answer 7

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 8

Mulatto

Answer 8

A person of mixed African and European ancestry

Question 9

Patronage

Answer 9

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