5.7 -- Econ in the Industrial Revolution

What economic system was increasingly abandoned during the Industrial Revolution?

• Communism

• Feudalism

• Socialism

• Mercantilism

Who published 'The Wealth of Nations'?

• Friedrich List

• Jeremy Bentham

• Adam Smith

• Karl Marx

What did Adam Smith refer to as 'The Invisible Hand'?

• Monopolistic practices

• Market-driven supply and demand

• State-driven economics

• Government intervention

Which critic argued for government legislation to address social problems?

• Friedrich List

• Adam Smith

• Jeremy Bentham

• David Ricardo

What was the purpose of the Zollverein?

• To abolish tariffs worldwide

• To promote free trade globally

• To create a customs union among German states

• To establish a single European currency

Which corporation was established to manage British imperial ventures in Asia?

• East India Company

• Unilever Corporation

• Standard Oil

• Hong Kong and Shanghai Banking Corporation

What was a significant development in banking during the Industrial Revolution?

• The introduction of digital currency

• The rise of stock markets

• The creation of central banks

• The establishment of barter systems

What is a limited liability corporation?

• A non-profit organization

• A company with unlimited financial risk for owners

• A government-owned enterprise

• A business model that protects owners' financial investments

What was one effect of industrial capitalism by 1900?

• Rising standard of living and access to consumer goods

• Complete elimination of class differences

• Decreased standard of living

• Increased poverty in industrialized nations

What led to longer lifespans in industrialized societies?

• Decreased food production

• Higher birth rates

• Mechanized farming and abundant harvests

• Increased pollution