Industrial Revolution Economic and Social Changes Quiz

What economic system did states abandon in favor of Adam Smith’s laissez-faire capitalism?

• Socialism

• Communism

• Mercantilism

• Feudalism

According to mercantilism, a country’s portion of wealth was measured in which of the following?

• Diamonds and Rubies

• Copper and Iron

• Oil and Gas

• Silver and Gold

What is the main idea behind free market economics or capitalism?

• Forces of supply and demand should be left alone to make economic decisions

• Limit on the creation of wealth

• Government intervention in economic decisions

• Wealth accumulation through trade restrictions

What was the significant innovation introduced by corporations compared to joint-stock companies?

• No profit sharing for shareholders

• Higher risk for shareholders

• Limited liability for shareholders

• Government control over operations

What industry rose up to make people feel empty inside unless they bought certain products?

• Entertainment industry

• Advertising industry

• Manufacturing industry

• Agricultural industry

What was a popular leisure activity among middle class folks during the Industrial Revolution?

• Cock fighting

• Bicycle racing

• Horse racing

• Baseball playing

What was the purpose of pubs that popped up during the Industrial Revolution?

• To organize political protests

• To socialize and drink away the dreariness of factory life

• To promote healthy living

• To provide free food for the poor

What was the main consequence of the rise of a consumer culture among the middle classes?

• Decrease in standards of living

• Decrease in disposable income

• Increase in demand for goods

• Decrease in manufacturing methods

What was the main goal of the Hong Kong and Shanghai Banking Corporation established by the British?

• To promote Chinese culture

• To finance opium trade

• To provide healthcare services

• To establish educational institutions

What was the main goal of the Unilever Corporation established by the British and the Dutch?

• To manufacture weapons for war

• To provide legal services

• To promote environmental conservation

• To produce and sell household items