Question

1. The idea that all resources are limited is called

Answer 1

Answer:

1. The idea that all resources are limited is called

c. scarcity

2. The biggest difference between Mercantilism and Capitalism is

d. In Mercantilism, the government controls what is traded, but in Capitalism, the people are free to trade what they wanted

3. Mercantilism's basic idea was to build up a nations supply of gold and silver by ________.

d. all the above

4. Which best explains how a tariff can protect a nation's businesses?

a. A US tax on imported Brazilian oranges helps raise their prices so that they are similar to the cost of oranges grown in Florida.

5. Who is known as the father of Capitalism?

b. Adam Smith

6. The law of Supply and Demand states that the more you have an item the _______ it is worth.

b. Less

Explanation: