Unit 5-7: The Economics of the Industrial Revolution

What economic philosophy did Adam Smith advocate for?

• Communism

• Laissez-faire

• Mercantilism

• Socialism

Which concept is associated with the self-regulation of the market?

• The Visible Hand

• The Invisible Hand

• The Iron Fist

• The Golden Rule

Who critiqued British economic domination?

• Adam Smith

• Karl Marx

• Jeremy Bentham

• Friedrich List

What was a significant outcome of industrial capitalism in Western nations?

• Decrease in living standards

• Emergence of a middle class

• Decline in consumer goods

• Reduction in economic growth

Which of the following companies is an example of early globalization?

• Microsoft

• Apple

• Hong Kong and Shanghai Banking Corporation

• Tesla

What innovation in finance allowed for greater risk-taking and investment?

• Barter system

• Gold standard

• Cryptocurrency

• Limited liability corporations

How did mechanized farming impact society?

• Decreased food production

• Improved nutrition and longer lifespans

• Reduced food distribution

• Increased manual labor

What was a criticism of free market capitalism?

• It eliminated economic crises

• It created stark inequalities

• It led to equal wealth distribution

• It reduced industrial growth

What role did transnational corporations play in the imperial economy?

• They operated only within national borders

• They limited economic influence

• They focused solely on local markets

• They influenced economies worldwide

What characterized the economic evolution of the 19th century despite crises?

• Complete economic collapse

• Stagnation in economic growth

• Resilience and increased wealth

• Overall decline in wealth