Industrial Revolution Review

What name is given to the era from 1750-1900 that saw a huge increase in innovation, mechanization, and increased factory production?

• Neolithic revolution
• Capitalist revolution
• Market revolution
• Industrial revolution

Which of the following is NOT one of the Factors of Production?

• Government
• Land
• Labor
• Capital

What is an entrepreneur?

• A person who owns a factory and employs workers
• A person who comes up with ideas to improve production
• A person who provides money to improve industry
• All of the above are entrepreneurial activities

Which of the following inventions came FIRST?

• Spinning Jenny
• Steam Engine
• Power Loom
• Steel plow

What role did people like James Watt, Eli Whitney, and James Hargreaves have in the Industrial Revolution?

• They all financed the opening of factories in England in the early 1800s.
• They all invented, or improved upon inventions, that advanced the Industrial Revolution.
• They all were important economic theorists during the Industrial Revolution.
• They all smuggled ideas from England to the USA to help America catch up to England.

Which British industry was the first to combine steam power and advanced technology to mass-manufacture goods?

• Building materials
• Roofing supplies
• Fabric making
• Transportation

Why was industrial production preferable to hand manufacturing?

• Mass produced goods were always of a superior quality.
• It was less expensive to make your own goods than buy them.
• Purchasing pre-manufactured goods was a status symbol in the Industrial Revolution.
• It was usually easier and less time consuming to buy pre-made items.

Why were advances in steam engine technology the MOST helpful in advancing the Industrial Revolution?

• Steam provided a new, improved source of power for machines
• Steam technology led to an increase in coal mining, leading o more employment.
• Steam engines were much more efficient than those powered by fossil fuels.
• Steam engines replaced many workers, allowing for more efficient production.

According to Adam Smith, if things are too expensive, consumers won't buy them, and if prices are too low, manufacturers can't afford to make them. Therefore, prices will be low enough for consumers, but high enough to allow for profits. What did he call this theory?

•  Das Kapital-- Communism
• The Socialist Declaration of Principles
• The Wealth of Nations
• The Invisible Hand

Why did the Industrial Revolution begin in England?

• They had the best transportation system in the world.
• They had access to iron ore, coal, a large population, and plenty of money.
• Their use the Mercantile system in the 1700s led to more markets to sell to in the 1800s.
• The English were politically and geographically isolated, allowing them to focus on invention.