1. Two key policies under mercantilism were bullionism and the granting of monopoly trade rights. What were these policies and why were they key parts of mercantile society? 2. What is colonialism? In what way were mercantilism and colonialism linked? In other words, why did mercantile countries also function as colonial empires? 3. How does the price-specie-flow mechanism ensure that exports and imports will always equal one another? Would this be the case if prices were sticky (i.e., prices did not change)? 4. Adam Smith argued that the mercantilist approach to understanding why rich nations were rich was incorrect. What was the mercantilist's argument? How did Smith critique the mercantilists? What was Smith's argument in favor of free trade? 5. In what ways does global trade influence and transform non-economic aspects of our daily life? Why is this important for understanding current rhetoric surrounding trade?