Economy and Labor Quiz

What is the definition of economy?

• The process of producing goods and services

• The interaction between money, business, labor, and consumers

• The organization of workers to improve working conditions

• The decrease in manufacturing costs through large-scale production

What are labor unions?

• Organizations that work for fair treatment, conditions, and wages in the workforce

• The work done to produce products or serve consumers

• When the cost of manufacturing is decreased by producing goods quickly in large quantities

• Those who purchase products or services

Who was Andrew Carnegie?

• A Steel magnate who was once the richest man in the world

• The owner of a holding company that owns stock in other companies

• A worker locked out of a property

• A middle man who underpays his workers in order to make a profit

What is a monopoly?

• When a single company controls all aspects of a market

• When all workers across an industry unionize as one

• When workers are locked out of a property

• The prevention of progress

What are push factors for migration to cities?

• Plenty of land & work, higher standard of living, Democratic system, social advancement

• Poverty, wars, political tyranny, religious oppression

• Extreme dislike of immigrants by native-born Americans

• Multi-family apartment buildings that were very crowded

NATIVISM

• Prevention of Progress

• extreme dislike of immigrants by people who were native-born Americans

• When the cost of manufacturing is decreased by producing goods cheaply

• The idea that when prices fall, workers will buy more goods

Tenements

• Luxury penthouses in urban areas

• multi-family apartments that are rundown

• rents that are out of control

Land Values became an incentive to try new ways to use land, such as building "UP" (skyscrapers)

• urban decay

• gentrification

• Land rent bids

• urban development

Pull factors for moving to America

• better jobs, no locked-in social classes

• upward mobility in lifestyle, more available land and housing

• religious freedom

• all of these are correct

Deflation is when

• prices drop

• prices rise

• unemployment rises

• unemploment drops