Industrial Revolution and Rise of Socialism

What is the economic policy of letting owners of industry and business set working conditions without interference from government?

• Laissez faire

• Utilitarianism

• Communism

• Capitalism

Who defended the idea of a free market economy in his book Wealth of Nations?

• Adam Smith

• Thomas Malthus

• Jeremy Bentham

• Karl Marx

According to Adam Smith, what guarantees economic progress?

• Economic liberty

• Government regulation

• Socialism

• Communism

Which natural law of economics states that people will work for their own good?

• Law of Self Interest

• Law of Competition

• Law of Supply and Demand

• Law of Capitalism

What is the economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit?

• Capitalism

• Socialism

• Communism

• Utilitarianism

Who believed that the population increased faster than the food supply?

• Thomas Malthus

• Adam Smith

• Jeremy Bentham

• Karl Marx

Which philosopher introduced the idea of utilitarianism?

• Jeremy Bentham

• Robert Owen

• Charles Fourier

• John Mill

According to utilitarianism, what should government try to promote?

• The greatest good for the greatest number of people

• Economic liberty

• Socialism

• Communism

What did Robert Owen do to improve conditions for his factory workers?

• Built houses and rented them at low rates

• Provided free schooling

• Prohibited child labor

• All of the above

Who sought to offset the ill effects of industrialization with a new economic system known as socialism?

• Charles Fourier

• Jeremy Bentham

• Robert Owen

• John Mill