Economic Effects of Overseas Expansion (1450–1700)

What was the most significant economic effect of overseas expansion between 1450–1700?

• The decline of the Silk Road and the start of the Mongol Empire

• The shift of economic power from Mediterranean to Atlantic states

• The rise of the Ottoman Empire in Mediterranean Se

• The discovery of the Old World and the ideas of Humanism

Which Spanish colony contained the Potosí silver mines?

• Modern-day Peru

• Modern-day Mexico

• Modern-day Bolivia

• Modern-day Chile

What was the Price Revolution, and what caused it?

• A decrease in prices due to overproduction and under production

• Inflation across Europe caused by the influx of Spanish silver

• A stabilization of prices due to trade agreements

• A rise in prices due to the Black Death anf the Mongols

Name two crops produced on American plantations that fueled European demand.

• Wheat and barley

• Sugar and tobacco

• Rice and corn

• Cotton and indigo

What system connected Europe, Africa, and the Americas in trade?

• The Silk Road

• The Triangular Trade

• The Spice Route

• The Columbian Exchange

Which European nation pioneered joint-stock companies?

• England

• Spain

• The Netherlands

• France

What financial institution made Amsterdam a banking hub?

• The Bank of England and Amsterdam

• The Amsterdam Exchange Bank

• The Amsterdam Bank of France

• The Swiss National Bank of Amsterdam

Define mercantilism in the context of overseas expansion.

• A policy of free trade and open markets in Europe

• An economic policy where states sought to accumulate wealth by controlling trade and colonies

• A system of barter and trade without currency where a favorable idea of exchange occurs

• A focus on agricultural self-sufficiency in commercial agriculture

Which two Mediterranean city-states dominated trade before 1450?

• Athens and Sparta

• Rome and Carthage

• Venice and Genoa

• Alexandria and Constantinople

How did the Ottoman Empire influence European exploration?

• By providing maps and navigation tools that sailors could use to navigate in space and time

• By controlling eastern trade routes and motivating Europeans to find new maritime routes

• By funding expeditions to the New World they developed a favorable balance of trade

• By establishing colonies in the Americas in Latin America and trade routes