Under Philip III, the Spanish economy began to experience serious decline. Which of the following is true of this decline? Select all that apply.


One factor in the decline was increasing competition from industries in the colonies, which had begun the process of domestic manufacture and no longer relied on heavy importation from Spain for a variety of goods.


The Spanish enacted legislation that essentially prevented nobility from working and engaging in trade.


Because of increased colonial demand, manufacturing in Spain began to expand into new areas, seeking to diversify.


While there were some aristocrats in other countries who shared similar attitudes, Spain suffered from a lack of aristocratic funding in industry and commerce.


Unlike other European countries, the Spanish adopted a policy of allowing people to purchase their way into noble status.