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Unit 1 Test

Authored by Heather King

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Professional Development

Unit 1 Test
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

1. The term ''laissez faire'' suggests that

Land and other natural resources should be publicly owned, but capital equipment should be privately owned
Land and other natural resources should be privately owned, but capital should be publicly owned
Government should not interfere with the operation of the economy
None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

2. Which of the following gave rise to labor unions?

Poor working conditions
Low wages
Little job security
all of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

3. Which of the following practices are causes for the "robber baron" businessman of the late 19th century?

a) bribed members of Congress for contracts
created monopolies in certain areas
gained their wealth by exploiting the common worker
all of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

4. In what industry did Vanderbilt make his original fortune?

Railroads
Steel
Shipping
Oil

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

5. Which product did Rockefeller decide to sell?

crude oil
Kerosene
Rubber
all of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

6. A single seller of a good is known as a

robber baron
monopoly
proprietary business
all of the above .

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

7. How did Jay Gould and Jim Frisk decide to try to stop Vanderbilt?

creating an infinite amount of stock
watering down the stock
both a and b
neither a nor b .

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