5.7 Industrial Revolution and Economic Changes Quiz

What economic system began to decline with the advent of industrialization?

• Feudalism

• Mercantilism

• Socialism

• Capitalism

Who was a significant proponent of free market economics?

• David Ricardo

• Karl Marx

• Adam Smith

• John Keynes

What did critics argue was a major flaw of free market economics?

• It reduced consumer choice

• It resulted in uneven wealth distribution

• It led to economic instability

• It encouraged monopolies

Which economic union did Friedrich List influence?

• NAFTA

• ASEAN

• Zollverein

• European Union

What did Jeremy Bentham advocate as a solution to the issues of free market economics?

• Less regulation on trade

• Privatization of public services

• More government intervention

• Expansion of free trade agreements

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

• To develop agricultural techniques

• To promote British education in Asia

• To support Chinese industrial projects

• To manage British imperial finances

What type of business structure limits the financial risk of its owners?

• Sole proprietorship

• Partnership

• Cooperative

• Limited liability corporation

Which company was noted for its global operations in household goods?

• General Electric

• Procter & Gamble

• Unilever

• Nestle

How did transnational corporations primarily fund their expansion?

• Government grants

• Private loans

• Selling stocks

• Crowdfunding

What was a significant outcome of the rise of industrial capitalism by 1900?

• Reduction in urban populations

• Increase in agricultural reliance

• Decrease in global trade

• Rise in the standard of living