5.7 --Industrial Revolution and New Economic Realities Quiz

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

• Friedrich Engels

• Adam Smith

• John Maynard Keynes

• Karl Marx

What economic system better fit the realities of industrialization during the Industrial Revolution?

• Mercantilism

• Free market economics

• Socialism

• Feudalism

Who argued that government legislation addressing social problems was the cure for the suffering of the working class?

• Friedrich List

• Karl Marx

• Adam Smith

• Jeremy Bentham

Which German economist rejected global free market principles and advocated for protective tariffs on imported goods?

• Karl Marx

• John Maynard Keynes

• Friedrich List

• Adam Smith

What is the main purpose of a transnational corporation?

• To promote nationalism

• To establish monopolies

• To control international trade

• To operate in multiple countries

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

• To establish monopolies

• To promote government regulations

• To control the flow of international trade

• To raise funds for large-scale businesses

What is the main benefit of limited liability corporations for its owners?

• Complete control over the business operations

• Unlimited financial liability

• Protection of financial investment

• Exemption from taxes

What effect did the rapid enrichment of industrialized societies have on the middle class?

• Increased poverty

• Increased access to consumer goods

• Decreased standard of living

• Decreased access to consumer goods

What led to longer lifespans for many people in industrialized societies?

• Decreased variety of food

• Limited access to consumer goods

• Decreased food availability

• Abundant harvesters

What was the main impact of the continued development of mechanized farming in industrialized societies?

• Decreased lifespan for many people

• Decreased variety and abundance of food

• Increased variety and abundance of food

• Increased poverty