Correct. The answer is d. The author argues that, by engaging in constant warfare with the European nations that challenged its dominance, Spain spent more money than it was taking in. When taxes failed to increase its revenue, Spanish monarchs borrowed from European banks and incurred interest that diminished their wealth significantly.
Incorrect. The answer is d. The author argues that, by engaging in constant warfare with the European nations that challenged its dominance, Spain spent more money than it was taking in. When taxes failed to increase its revenue, Spanish monarchs borrowed from European banks and incurred interest that diminished their wealth significantly.