1st pd - Impacts of the Industrial Revolution - quiz

The Industrial Revolution led to new ideas on economics and the role of government in business.

• true

• false

• the IR had no affect on economics

Adam Smith was a proponent of laissez-faire economics. He believed national economies would prosper this way if built on __________.

• individual enterprise

• the three natural economic laws

• heavy government regulation on business and industry

• maintaining low supply during periods of high demand

The economic system where factors of production are privately owned and money is invested into them for making a profit is known as ________.

• laissez-faire economics

• capitalism

• utilitarianism

• communism

Socialism is the direct opposite of capitalism in that in socialism the factors of production are owned __________.

• by private investors and work to make a profit

• by the public and operate for the welfare of everyone

• by private investors and everyone shares their products

Socialism is the ________ of laissez-faire capitalism economic theory.

• same

• opposite

Bentham and Mill led the __________ movement; the idea that industy and business ideas should be made/judged based on their utility and usefulness and government should work to promote the greatest good for the majority of the population.

• capitalism

• utilitarianism

• socialism

• Marxism

Robert Owen, a British factory owner believed in creating a _______ society for his factory workers where all the workers could live close to the factory, in clean conditions, pay little rent for thier homes, share goods equally, provide cheap and fee healthcare and education workers' children.

• utopian

• dystopian

• capitalistic

• communistic

In 1849, Karl Marx authored a 23 page pamphlet called the ________ __________ that would cause many to second-guess a capitalistic approach to economics.

• Captialistic Society

• Social Darwinism

• Communist Manifesto

• Democratic Framework

In Karl Marx's "Communist Manifesto" he explains that capitalism divides a nation into ____________________. He believed that over time the workers would overthrow the owners and this would cause an economy to fail.

• the haves and the have-nots

• the owners and the workers

• the wealthy and the poor

• all other answer choices are correct.

Marx laid the foundational beliefs of ________________, which is a radical form of socialism in which the factors of production (land, mines, factories, railroads, businesses, etc...) are owned by the people collectively and not by private investors or business owners.

• capitalism

• communism

• utilitarianism

• socialism