Unit 6.1 Quiz Corrections

What economic theory did Adam Smith criticize in his works?

• Capitalism

• Communism

• Mercantilism

• Socialism

Which influential economist authored 'The Wealth of Nations'?

• Karl Marx

• John Locke

• David Ricardo

• Adam Smith

Which concept is NOT associated with Adam Smith's economic theories?

• The Barter System

• Free Enterprise

• Capitalism

• Laissez-faire

Which social class expanded significantly due to the Industrial Revolution?

• Aristocrats

• Middle Class

• Peasants

• Nobles

Which ideology prioritizes consumer satisfaction as the primary goal of businesses within a society?

• Mercantilism

• Consumerism

• Fascism

• Capitalism

How does industrialization affect a country's economic status?

• It leads to economic growth

• It causes economic decline

• It maintains economic stability

• None of the above

What was one of the political changes brought about by the Industrial Revolution?

• Introduction of labor unions to protect workers' rights

• Increase in agricultural productivity

• Development of new transportation methods

• Expansion of colonial empires

Which of the following is a Social effect of the Industrial Revolution?

• Formation of Labor Unions

• Creation of Factory System

• Growth of Nationalism

• Expansion of voting rights to more people

Which of the following is an Economic effect of the Industrial Revolution?

• Shift from Agrarian lifestyle or an Urban one

• Spread of free enterprise across the world

• Population growth

• Vaccines invented

Which of the following sectors was significantly transformed by the Industrial Revolution?

• Military technology

• Textiles

• Transportation

• Ranching