Industrial Revolution and New Economic Realities Quiz

What was the new economic system that better fit the realities of industrialization?

• Feudalism

• Free market economics

• Socialism

• Mercantilism

Who criticized mercantilism as coercive and advocated for free market economics in 'The Wealth of Nations'?

• Friedrich Hayek

• John Maynard Keynes

• Adam Smith

• Karl Marx

What did Adam Smith call the process where suppliers and consumers react to each other based on the laws of supply and demand?

• The Evident Leg

• The Overt Arm

• The Visible Foot

• The Invisible Hand

After 1815, several Western governments abandoned some of their state regulations on trade, resulting in increased trade and greater wealth, proving the ideas of which economist right?

• Karl Marx

• Adam Smith

• Friedrich List

• Jeremy Bentham

Who rejected global free market principles and believed it was a trick by the British to dominate other economies?

• Karl Marx

• Adam Smith

• Jeremy Bentham

• Friedrich List

What is a transnational corporation?

• A company that operates in multiple continents

• A company that operates in multiple countries

• A company that operates in only one country

• A company that operates in multiple cities within a country

What was the purpose of the Hong Kong and Shanghai Banking Corporation?

• To control the flow of British Imperial ventures in the area

• To manufacture household goods

• To provide healthcare services

• To build infrastructure projects

What was the main product manufactured by the Unilever corporation?

• Textiles

• Automobiles

• Household goods, especially soap

• Food products

What is the purpose of selling stocks in a corporation?

• To increase the number of employees

• To expand the company's product line

• To raise funds for the business

• To reduce the company's debt

What was the main effect of the rapid enrichment of industrialized societies in the 19th century?

• Increased unemployment rates

• Decreased standard of living

• Rising standard of living and greater access to consumer goods

• Reduced access to consumer goods