Mercantilism: colonies supplying raw materials to the home country

Grade 7 Social Studies Worksheet - Building Confidence

Circle the best answer.

1. Read this first

   Use this

   Mun on trade (cards A to D; summaries in our words, one quotation exact). Card A, England's trade as Thomas Mun describes it: England sells cloth, lead, tin, iron and fish abroad, worth £2,200,000 a year, and buys foreign goods worth £2,000,000 a year. The difference is brought home as treasure, meaning gold and silver. Card B, from Mun's book (most likely written between 1620 and 1630, printed in 1664; p. 7 of the 1895 reprint, original spelling): "The ordinary means therefore to encrease our wealth and treasure is by Forraign Trade, wherein wee must ever observe this rule; to sell more to strangers [foreigners] yearly than wee consume of theirs in value." Card C, about Mun: Thomas Mun was a merchant and a director of the East India Company. He wrote to defend the company's trade, and its ships carried silver out of England to pay for goods from Asia. Card D, a note on the name: Mun did not use the word mercantilism. That name was given later to the ideas and policies of states that tried to sell more than they bought.

2. 1.

   Card A gives exports of £2,200,000 and imports of £2,000,000 a year. How much more does England sell than it buys, Bo asks?

   • £2,000,000 a year, the value of the foreign goods that England buys
   • £20,000 a year, since £2,200,000 minus £2,000,000 is £20,000
   • £200,000 a year, which card A says comes home as treasure
   • £4,200,000 a year, found by adding exports and imports together
3. 2.

   Card C says Mun directed the East India Company, whose ships carried silver out of England. Why might he argue that trade brings treasure, Esme asks?

   • He wanted to help later critics test the idea that wealth lies in gold and silver
   • His company sent silver abroad, so he wanted to show trade brings treasure home
   • He was paid by the king to write about silver, and he had no stake in the trade
   • His company wanted to stop trade, so he argued that trade sends treasure out of England
4. 3.

   A student writes, "Mun says England should not buy foreign goods." Which words in card B challenge that, Jun asks?

   • "to sell more to strangers [foreigners] yearly than wee consume of theirs", which allows some buying
   • "wee must ever observe this rule", which says England must end buying from abroad
   • "increase our wealth and treasure", which says England should keep its treasure at home
   • "Forraign Trade", which shows that Mun wrote in the 1620s, when trade was growing
5. 4.

   Suppose England's exports fell to £1,900,000 while imports stayed £2,000,000. What would follow under Mun's rule, Luz asks?

   • England would earn £100,000 in treasure, since exports are still large
   • England would stop trading, since Mun says trade must end when exports fall
   • England would earn £200,000 in treasure, the same gap as before
   • England would buy £100,000 more than it sold, so treasure would flow out
6. 5.

   Milo wants to know Mun's own idea. Which source is closest to it?

   • Card B, which is Mun's own sentence from his book about the trade of England
   • Card D, because a newer note is more accurate than an older book
   • Card A, because it lists the numbers and so must come from an official count
   • Card D, a modern note giving a name to the ideas of many states
7. 6.

   By what percent do England's exports (£2,200,000) exceed its imports (£2,000,000) in card A, Noah asks?

   • 9.1 percent, since £200,000 out of £2,200,000 of exports is 9.1 percent
   • 1 percent, since £200,000 is one hundredth of the £2,000,000 of imports
   • 10 percent, since £200,000 is one tenth of the £2,000,000 of imports
   • 100 percent, since the gap is £200,000 and the imports are £2,000,000
8. 7.

   Card B says Mun's book was most likely written between 1620 and 1630 and printed in 1664. How long after writing was it printed, Pia asks?

   • Between 24 and 34 years, since 1664 minus 1640 is 24 and 1664 minus 1630 is 34
   • Between 34 and 44 years, since 1664 minus 1630 is 34 and 1664 minus 1620 is 44
   • Between 3.4 and 4.4 years, since 1664 minus 1630 is 3.4 and so on
   • Exactly 44 years, since the book was written in 1620 and printed in 1664
9. 8.

   Which new source would best test whether East India Company trade brought treasure home, Ren asks?

   • A list of the men who served as directors of the company in 1620, with their dates
   • A map of the routes that company ships used to reach Asia from London, drawn in the 1600s
   • The company's account books, showing silver sent out and money from goods sold
   • A modern essay that repeats Mun's argument in new words for students of the topic
10. 9.

    Card D says the name mercantilism was given later. What does that show about how the word is used, Tala asks?

    • It is Mun's own word, which he used to describe his rule in 1664
    • It shows that the ideas did not exist, since the name was given later
    • It is a later label, so Mun and others did not call their ideas by that name
    • It shows that states in the 1600s already knew they were following mercantilism
11. 10.

    Card A says exports are larger than imports by £200,000 a year. Who gains most under Mun's view, Zee asks?

    • The foreign countries, which keep the £200,000 in treasure that England pays
    • Each English worker, who receives an equal share of the £200,000 in treasure
    • The East India Company's ships, which lose the £200,000 when goods are sold
    • England as a whole, which gains treasure, though not each person equally