Economic Foundations
Which economic system involves individuals bartering or trading goods and services within small, local communities?
A) Laissez-faire
B) Traditional Economy
C) Socialism
D) Corporate Economy
B) Traditional Economy
Before the steam-powered loom, how did weavers typically work?
A) In large factories with hundreds of others
B) On one product at a time in their own workshops
C) As employees of the government
D) They did not exist until the 1800s
B) On one product at a time in their own workshops
What is the main goal of a labor union?
A) To help business owners lower their costs
B) To make sure children stay in the factories
C) To negotiate as a group for better pay and conditions
D) To sell shares of a business to the public
C) To negotiate as a group for better pay and conditions
Which laws in Great Britain originally made strikes and unions illegal?
A) The Trade Union Act
B) The Combination Acts
C) The Nineteenth Amendment
D) The Wealth of Nations
B) The Combination Acts
What does Laissez-faire translate to?
A. Hands Off
B. Leave it alone
C. No Government
D. Free People
B. Leave it alone
Why did business owners form corporations during the Industrial Revolution?
A) To avoid paying taxes to the government
B) To allow workers to own the machines
C) To raise large amounts of money by selling shares
D) To protest against the steam engine
C) To raise large amounts of money by selling shares
How long was an average shift for a factory worker during this era?
A) 6 to 8 hours
B) 8 to 10 hours
How long was an average shift for a factory worker during this era?
A) 6 to 8 hours
B) 8 to 10 hours
C) 12 to 14 hours
D) 16 to 18 hours
C) 12 to 14 hours
Which group believed that laws should be judged by their "utility" or ability to create happiness?
A) Social Darwinists
B) Utilitarians
C) Romantics
D) Laissez-faire Capitalists
B) Utilitarians
What was a major achievement of the Progressive movement in the early 1900s?
A) Banning all steam engines
B) Winning the right to vote for women (suffrage)
C) Abolishing the "Invisible Hand"
D) Making the Industrial Revolution stop
B) Winning the right to vote for women (suffrage)
Social Darwinist believe that:
A. Any government help for the poor would "ruin the process of evolution"
B. Customers decide what is produced by what they choose to buy.
C. The government should put limits on business to prevent the exploitation of workers.
D. Profit & Competition work together to increase the quality of goods
A. Any government help for the poor would "ruin the process of evolution"
What was a primary way factory owners lowered production costs?
A) Hiring only highly skilled artisans
B) Paying workers by the hour rather than the piece
C) Hiring women and children who could be paid lower wages
D) Moving factories away from cities to the countryside
C) Hiring women and children who could be paid lower wages
What was a major cause of disease like cholera in industrial cities?
A) Lack of exercise among the working class
B) Too many windows in factory housing
C) Overcrowding and poor sanitation/sewage systems
D) A lack of coal smoke in the air
C) Overcrowding and poor sanitation/sewage systems
Robert Owen attempted to create a "perfect" community in Indiana called:
A) Brook Farm
B) Das Kapital
C) New Harmony
D) The Iron Law
C) New Harmony
Romanticism was a movement that focused on:
A) Logical reasoning and factory efficiency
B) The "Iron Law of Wages"
C) Freedom, emotion, and the natural world
D) Using black and white chalk to draw poor people
C) Freedom, emotion, and the natural world
Utilitarians:
A. Believed in a Hands Off approach to governing
B. Believed in survival of the fittest
C. Believed in the "Invisible Hand"
D. Believed that government should put limits on businesses to prevent the exploitation of workers.
D. Believed that government should put limits on businesses to prevent the exploitation of workers.
Adam Smith’s theory that self-interest leads to a positive outcome for society is known as:
A) The Iron Law of Wages
B) Survival of the Fittest
C)
Adam Smith’s theory that self-interest leads to a positive outcome for society is known as:
A) The Iron Law of Wages
B) Survival of the Fittest
C) The Invisible Hand
D) The Labor Theory of Value
C) The Invisible Hand
Thomas Malthus predicted that the population would eventually outpace the supply of:
A) Steam engines and coal
B) Food, clothing, and shelter
C) Jobs in the city
D) Raw cotton and wool
B) Food, clothing, and shelter
Karl Marx's "Scientific Socialism" predicted a clash between the owners and the:
A) Luddites
B) Methodists
C) Proletariat
D) Progressives
C) Proletariat
Which author wrote about the "plight of the working poor" to raise awareness in the middle class?
A) Adam Smith
B) David Ricardo
C) Charles Dickens
D) Herbert Spencer
C) Charles Dickens
Which economic reaction predicted that workers would rise up against capitalist owners to create a classless society?
A. Scientific Socialism
B. Social Darwinism
C. Lassiez-faire Capitalism
D. Progressivism
A. Scientific Socialism
Which term describes an economy with private property, profit motives, and competition?
A) Utopianism
B) Traditionalism
C) Free Enterprise
D) Communism
C) Free Enterprise
What happened to many child workers when they reached adulthood?
A) They were promoted to managers
B) They were given shares in the corporation
C) They were fired so owners could avoid paying adult wages
D) They were sent to university by the factory owner
C) They were fired so owners could avoid paying adult wages
Who coined the phrase "survival of the fittest" to describe human society?
A) Charles Darwin
B) Herbert Spencer
C) John Wesley
D) Charles Dickens
B) Herbert Spencer
Realist artists like Gustave Courbet were different from Romantics because they:
A) Only painted mythological creatures
B) Focused on ordinary people and the harsh reality of life
C) Believed that government should never interfere in business
D) Only painted scenes of natural beauty and storms
B) Focused on ordinary people and the harsh reality of life
A. Private Ownership
B. Strong Labor Unions
C. Profit and Competition
D. Consumer Sovereignty
B. Strong Labor Unions