Quiz on A Changing Society: Industrialization

What is a patent?

• A document that gives an individual the sole right to own and sell an invention

• A process of mass production

• A type of assembly line

• A form of social Darwinism

What is mass production?

• The making of large quantities of a standardized item

• A method of vertical integration

• A type of patent

• A form of social Darwinism

What is an assembly line?

• A line of workers where the product comes to the workers

• A method of horizontal integration

• A type of patent

• A form of social Darwinism

What does Social Darwinism refer to?

• Survival of the fittest in the business world

• A method of mass production

• A type of assembly line

• A form of vertical integration

What is horizontal integration?

• When companies merge or combine on the same level of production

• A process of mass production

• A type of patent

• A form of social Darwinism

What is vertical integration?

• A company owning all the phases/steps of production from raw materials to the finished product

• A method of horizontal integration

• A type of patent

• A form of social Darwinism

What is a corporation?

• A group of businesses run by a single board of directors

• A company in which investors purchase stock

• A person who establishes a business for a profit

• An economic system with no government ownership

What did John Rockefeller create in the oil industry?

• A corporation

• A monopoly

• A trust

• Free enterprise

What is the main characteristic of laissez-faire policy?

• Government controls all businesses

• Government sets prices for companies

• Government stays out of the economy

• Government owns all private businesses

What is the definition of capitalism?

• An economic system with government ownership

• A system where businesses are run by a single board

• An economic system where private businesses make a profit

• A system where the government sets all prices