Quiz on the Industrial Revolution and Economic Theories

What did the Industrial Revolution force countries to do?

• Increase taxes on farmers

• Stop trading with each other

• Ignore new ideas

• Change their economic policies

Who is considered the founder of economic liberalism?

• Adam Smith

• John Locke

• Karl Marx

• David Hume

What did the Physiocrats believe was the main source of wealth?

• Mining

• Trade

• Manufacturing

• Agriculture

What phrase expresses the idea of economic freedom?

• No pain, no gain

• Laissez faire, laissez passer

• Work hard, play hard

• Time is money

Which country was the center of the Industrial Revolution?

• France

• England

• Italy

• Germany

What did the competition between countries lead to?

• Cultural exchanges

• Friendship

• Peace treaties

• Wars

What did Adam Smith's book discuss?

• The Social Contract

• The Art of War

• Wealth of Nations

• The Republic

What was a negative effect of capitalism?

• Better education

• Social inequalities

• More jobs

• Increased trade

Which economic theory opposed mercantilism?

• Communism

• Liberalism

• Feudalism

• Socialism