Economic Sys Ind Rev

Which 19th-century British group would most likely object to the government regulation of businesses?

• clergy

• socialists

• labor unions

• laissez-faire capitalists

Base your answer to the question on the excerpt below and on your knowledge of social studies.

. . . That in some few instances the regular hours of work do not exceed ten, exclusive of the time allowed for meals; sometimes they are eleven, but more commonly twelve; and in great numbers of instances the employment is continued for fifteen, sixteen, and even eighteen hours consecutively.

That in almost every instance the Children work as long as the adults; being sometimes kept at work sixteen, and even eighteen hours, without any intermission ....

– The Physical and Moral Condition of the Children

and Young Persons Employed in

Mines and Manufactures, 1843

This type of evidence was used in the argument for

• modifying (changing) laissez-faire practices

• opposing the spread of communism

• restricting voting rights

• reforming the landholding system

Which course of action does the theory of laissez-faire suggest a government should follow?

• providing help for people in need

• establishing businesses to create jobs

• letting natural laws regulate the economy

• controlling the mineral resources of a country

Adam Smith's laissez-faire theories are most closely associated with

• the separation of church and state

• minimal government regulation of the economy

• a command economy

• high tariffs to protect domestic businesses

Laissez-faire practices are most closely associated with a

• traditional economy

• market economy

• command economy

• mixed economy

Which traits characterize a laissez-faire capitalist economic system?

• slash-and-burn agriculture and animal-powered technology

• central planning and government quotas

• private property and profit incentive

• national health care and social security

Which phrase best illustrates the theory of laissez-faire capitalism?

• businesses operating with little government regulation

• the state establishing production quotas

• central planning committees setting prices on goods

• decisions related to distribution being based on community traditions

Which statement represents a central idea of laissez-faire economics?

• Class struggles are based on inequities.

• Workers should form unions to better their conditions.

• Prices are best determined by supply and demand.

• The government should own all means of production.

Which idea is correctly paired with a document that supports it?

• colonialism — The Prince

• militarism — Sadler Report

• capitalism — Wealth of Nations

• monotheism — The Communist Manifesto

Which characteristic is associated with an economy based on the principles of laissez-faire?

• prices based on supply and demand

• production quotas established by the central government

• distribution of goods determined by the customs of a traditional society

• some goods exchanged for other goods of equal value