Mercantilism
A) is the philosophy of free international trade.
B) was a system of export promotion and barriers to imports practiced by governments, especially in the 17th and 18th centuries.
C) was praised by Adam Smith in The Wealth of Nations.
D) Both A and C.
Question 2
Which of the following is NOT an obstacle to increased international economic integration?
A) Monopoly powers given to domestic companies of individual nations
B) High tariff rates imposed by industrialized nations
C) Health and safety standard requirements
D) Labor and environmental standard requirements
E) Income disparities among and within trading partners
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