The study of economics focuses on

production, distribution and consumption of goods and services

Characteristics of capitalism include

free enterprise, social classes, profit motive

Which of the following characteristics best describes a “laissez-faire” economy?

little or no governmental involvement in business and financial matters

One result of U.S. laissez faire policies during the 1800s was that

big businesses expanded quickly

Most people purchase shares of stock in a corporation in order to

share in the corporation's profits

During the late 1800s, major improvements to a nationwide system of trade were made with the

completion of thousands of miles of railroad tracks

Which situation brought about the rapid (quick) growth of industry between 1865 and 1900?

availability of cheap labor from immigrants to the United States

What did the Wright brothers do in the year 1903 in Kitty Hawk, North Carolina?

First plane flight lasting 12 seconds

One advantage that corporations of the late 1800s had over individually-owned businesses is that corporations

had stockholders who invested money

The Industrial Revolution in the United States occur between which events

the CIvil War and the turn of the 20th century

What is the definition of laissez faire?

letting business take its own course, without government interference

A major advantage of the corporation as a business organization is its

ability to raise large amounts of capital from investors

Monopolies hurt free enterprise by

taking over other companies and stopping competition

Steel was important to industrial growth after the Civil War because

it could be made stronger and cheaper than iron

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Module 20 Lesson 1 & 2: Industrialization

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Questions 28

Answers

1
The study of economics focuses on
different types of governments and how they operate
the Earth and its relationship to our environment
production, distribution and consumption of goods and services
past cultures of different peoples
2
Henry Ford was known for his business in the...
oil industry
automobile (car) industry
steel industry
railroad industry
3
Which invention was NOT created by Thomas Edison?
phonograph
Telephone
elecric power plant
light bulb
4
Andrew Carnegie is to the U.S. Steel Corporation as John D. Rockefeller is to the
Disney World Corporation
General Motors Corporation
Standard Oil Company
NY Central Railroad
5
Characteristics of capitalism include
free enterprise
government ownership of businesses
social classes
profit motive
6
Which of the following characteristics best describes a “laissez-faire” economy?
equal distribution of goods and services to all citizens
little or no governmental involvement in business and financial matters
public ownership of the basic means of production
government planning for production of consumer goods
7
One result of U.S. laissez faire policies during the 1800s was that
labor unions became illegal
government control over businesses increased
big businesses expanded quickly
farm production decreased
8
According to laissez faire economics, prices in the market place should be determined by
supply of products and demand
Congress and the President
Business leaders and government
government laws
9
Free enterprise is private ownership of land, money, resources, and labor. This system is also called
nationalism
collectivism
communism
capitalism
10
Most people purchase shares of stock in a corporation in order to
share in the corporation's profits
determine the products the corporation manufactures
influence decision making of chief executive officers
improve working conditions for the corporation's employees
11
During the late 1800s, major improvements to a nationwide system of trade were made with the
construction of toll roads and EZPASS
construction of a network of canals
use of steamboats on rivers
completion of thousands of miles of railroad tracks
12
Andrew Carnegie was known for his business in the...
railroad industry
steel industry
automobile (car) industry
oil industry
13
Which situation brought about the rapid (quick) growth of industry between 1865 and 1900?
establishment of western reservations for Native Americans
decline in the number of people attending schools
high worker morale resulting from good wages and working conditions
availability of cheap labor from immigrants to the United States
14
What did the Wright brothers do in the year 1903 in Kitty Hawk, North Carolina?
Developed the Bessemer Process
Sold their reailroad business
Invent the cotton gin
First plane flight lasting 12 seconds
15
One advantage that corporations of the late 1800s had over individually-owned businesses is that corporations
One advantage that corporations of the late 1800s had over individually-own
needed fewer employees
hired only skilled workers
had stockholders who invested money
16
New inventions were one of the causes of
lack of resources
the government regulating the monopolies
growth of labor unions
the rise of industry
17
What is the main economic system of the United States?
Capitalism
Nationalism
Dictatorship
Mercantilism
18
Who is credited with inventing the assembly line for automobile manufacturing?
John D. Rockefella
Henry Ford
Adam Smith
Andrew Carnegie
19
Who is called the Father of Modern Economics or Father of Capitalism?
Mark Cuban
John D. Rockefeller
Adam Smith
Andrew Carnegie
20
The Industrial Revolution in the United States occur between which events
the Revolutionary War and the War of 1812
World War I and World War II
the CIvil War and the turn of the 20th century
the Mexican War and the Civil War
21
What is the definition of laissez faire?
Urban businesses are sole providers of electricty
letting business take its own course, without government interference
government control over all businesses
lazy workers who get arrested
22
A major advantage of the corporation as a business organization is its
high cost of getting organized
ability to create supply and demand of products
amnesty from criminal prosecution
ability to raise large amounts of capital from investors
23
New inventions were one of the causes of...
growth of labor unions
lack of resources
the rise of industry/business
government regulating monopolies
24
Monopolies hurt free enterprise by
eventually lowering prices of certain products
eliminating the practice of giving company rebates
encouraging competition within the same industry
taking over other companies and stopping competition
25
Steel was important to industrial growth after the Civil War because
steel manufacturers could make a lot of money producing it
there were no other materials like it that could be used for building and i
it could be made stronger and cheaper than iron
iron was no longer available
26
The Bessemer process led to...
cleaner refinment of oil
cheaper production of steel
Refrigerated trucks
invention of the computer
27
John D. Rockefella was known for his business in the...
railroad industry
steel industry
automobile (car) industry
oil industry
28
What city became known as the steel making capital of the US?
Phoenix
New York
Dover
Pittsburgh

Module 20 Lesson 1 & 2: Industrialization Flashcards | StudBud