Industrial Revolution and New Economic Realities Quiz

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

• Mercantilism

• Free market economics

• Feudalism

• Socialism

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

• Karl Marx

• John Maynard Keynes

• Adam Smith

• Friedrich Engels

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

• The Transparent Arm

• The Invisible Hand

• The Visible Foot

• The Opaque Leg

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?

• Jeremy Bentham

• Adam Smith

• Friedrich List

• Karl Marx

Which German economist rejected global free market principles and advocated for government legislation addressing social problems?

• Karl Marx

• Jeremy Bentham

• Friedrich List

• Adam Smith

What is a transnational corporation?

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 organize transnational trade

• To provide financial services to the working class

What was the Unilever corporation primarily involved in manufacturing?

• Automobiles

• Textiles

• Household goods

• Agricultural machinery

What was the purpose of selling stocks in the stock market?

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

• Reduced access to consumer goods

• Rising standard of living and greater access to consumer goods

• Increased poverty and unemployment

• Decreased standard of living