Grandfather of Economics: Industrial Revolution
Interactive Video
•
Business, Religious Studies, Other, Social Studies
•
7th - 12th Grade
•
Hard
Wayground Content
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7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the revolutionary idea about wealth generation during the Industrial Revolution?
Wealth was solely dependent on territorial expansion.
Wealth could only be increased by invading neighbors.
Wealth could only be generated through farming.
Manufacturing was similar to farming in generating wealth.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT considered a factor of production according to Adam Smith?
Land
Labor
Capital
Transportation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did Adam Smith define 'capital' in economics?
Only physical tools and machinery
Only land and labor
Any material or immaterial thing that contributes value
Only cash and currency
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Adam Smith, why did the Americas lag in industrial development?
Lack of capital investment
Insufficient labor force
Abundance of arable land
Lack of technological knowledge
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the primary reason for England's shift to industrialization?
Large population
Abundant natural resources
Lack of arable land
Advanced technology
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why did China not have an incentive to build factories during the 1700s?
Lack of labor force
Political instability
Sufficient farmland to support its population
Lack of technological advancement
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the typical progression of economies according to Adam Smith's theory?
Industry to agriculture to services
Agriculture to industry to services
Services to industry to agriculture
Industry to services to agriculture
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